Hedge fund S.A.C. Advisors indicted for insider trading

By Laurie Bennett

July 25, 2013 at 11:01am

A federal grand jury has charged S.A.C. Capital Advisors, one of the nation’s largest hedge funds, with fraud related to insider trading.

Steven A. Cohen, the fund’s billionaire founder, was not personally charged. Cohen was previously named in a separate civil case filed by the Securities and Exchange Commission.

A former portfolio manager with the company, Richard Lee, pleaded guilty to insider trading charges Tuesday.

According to the indictment, S.A.C. Capital and several related companies encouraged employees to engage in “systematic insider trading” that yielded “hundreds of millions of dollars of illegal profits.”

The document accuses the “SAC owner” - Cohen - of having “fostered a culture that focused on not discussing inside information too openly.”

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