US prosecutors brought criminal charges against SAC Capital yesterday alleging the $14bn hedge fund run by Steven Cohen engaged in “rampant insider trading” for more than a decade.
Prosecutors may seek as much as $10bn from SAC using the government’s power to seek any monies made from an alleged scheme, a person familiar with the matter said.
The criminal indictment detailed an expansive scheme alleging Mr Cohen gave incentivised employees to send “high conviction” ideas to give the fund manager an “edge” over other investors.
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