U.S. indicts SAC Capital on fraud charges

The SEC brought a civil case against the fund’s manager, Steven Cohen, earlier this week

Days after the Securities and Exchange Commission charged Steven A. Cohen with ignoring insider trading at his hedge fund, SAC Capital Advisors, the U.S. government has indicted SAC itself on charges of wire and securities fraud.

Federal prosecutors accuse the $15 billion fund of “systematic insider trading” that resulted in hundreds of millions of dollars in ill-gotten profits, NBC News reports. The alleged scheme, which prosecutors say lasted from 1999 to 2010, purportedly helped the fund increase its returns and fees.

Alanna Byrne

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