Billionaire Steven A. Cohen’s firm said the U.S. Securities and Exchange Commission’s administrative proceeding against him has been delayed until at least early June, according to a memo sent to employees today.
SAC Capital Advisors LP’s landmark $1.8 billion settlement of a U.S. government insider-trading probe stretching back to 2007 was approved by a federal judge, bringing to an end the hedge fund’s role as a money manager and capping a decade of insider-trading cases.
SAC Capital Advisors LP employees gathered in the hedge fund’s cafeteria on July 21, 2008, for a seminar by former Securities and Exchange Commission Chairman Harvey Pitt on compliance and how to prevent insider trading.
The federal judge who will consider SAC Capital Advisors LP’s $900 million settlement of U.S. insider-trading charges asked lawyers if the payment takes into account “the activities of all culpable persons” and illegal profit made and losses avoided by the firm.
SAC Capital Advisors LP’s plea agreement to pay a $900 million penalty should be accepted, U.S. prosecutors told a judge as they seek the biggest criminal fine ever imposed for insider trading following a six-year probe of the firm.
SAC Capital Advisors LP urged a federal judge to approve its record $1.8 billion insider-trading settlement with the government, saying the firm is “deeply remorseful” for the illegal acts of its employees.