Federal prosecutors will announce criminal charges against Steve A. Cohen’s hedge fund, SAC Capital Advisors LP, as early as next week, following investigations into insider trading, according to a report in the Wall Street Journal. In Thursday's announcement, prosecutors also said that charges will not be brought against the owner as the multiyear investigation looks to come to a head.
SAC, one of the most successful hedge fund firms in the country, with assets of about $15 billion, has been subjected to years of federal probes into suspected securities fraud dating back to 2006. Those investigations have resulted in charges being brought against 81 people since August 2009, resulting in 73 convictions and guilty pleas.
The firm also paid a $616 million penalty to settle civil insider-trading allegations with the SEC but was able to do so without admitting guilt or wrongdoing.
Cohen has avoided facing charges in the past as the statute of limitations expired on his charges, but he could still face charges in the future as federal prosecutors probe other allegations.
Born and allegedly conceived by candlelight in 1984, Christopher was raised in Edinburgh, Scotland. After four years in the British Royal Navy, he decided to leave the sea...