SAC Capital Advisors Indicted by Federal Grand Jury in New York
By Patricia Hurtado & David Glovin - Jul 25, 2013 9:27 AM ET
Signage stands outside the offices of hedge fund SAC Capital Advisors LP in Stamford, Connecticut. Photographer: Rick Maiman/Bloomberg
SAC Capital Advisors LP, the $14 billion hedge fund founded by Steven A. Cohen, was indicted by a federal grand jury as part of the government’s six-year crackdown on insider trading onWall Street.
The charges against the Stamford, Connecticut-based hedge fund are the most significant to be brought by the U.S. since former Goldman Sachs Group Inc. director Rajat Gupta was accused of insider trading in October 2011. Gupta, convicted by a federal jury in New York last year, was sentenced to two years in prison. He remains free on appeal.
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