SAC Fund to Pay $614 Million to Settle Insider Trading Case
Two affiliates of SAC Capital, the giant hedge fund, settled insider trading charges with the Securities and Exchange Commission for $614 million, in what the agency said was the biggest ever settlement for such cases.
One affiliate, CR Intrinsic, agreed to pay over $600 million over charges tied to one of its employees, who is accused of trading on illicitly obtained confidential information about the drug makers Elan and Wyeth. That employee, Mathew Martoma, still faces both civil charges from the S.E.C. and criminal charges from the Justice Department.
The other affiliate, Sigma Capital Management, agreed to pay $14 million to settle charges that it engaged in insider trading in the stocks of Dell and Nvidia.
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http://dealbook.nytimes.com/2013/03/15/sac-settles-insider-trading-cases-for-614-million/?emc=na
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