| | | | | | To view this email as a webpage, click here | | |  | | | | Thursday July 25 2013 | | | | | | |
| | | US files criminal charges against SAC Capital | | | US prosecutors brought criminal charges against SAC Capital alleging the $15bn hedge fund run by Steven Cohen engaged in "systemic insider trading" for 11 years.
The criminal indictment, the first against a hedge fund in recent memory, details an expansive scheme alleging Mr Cohen incentivised employees to send "high conviction" ideas to give the fund manager an "edge" over other investors.
SAC was charged with one count of wire fraud and four counts of securities fraud. Prosecutors are seeking forfeiture of hundreds of millions of dollars in allegedly illegal profits. SAC has previously denied any wrongdoing. It had no immediate comment. | | | | |  | | | | | | | | | | | | | |
