Sac Capital, the hedge fund known in the financial community, after admitting its guilt of insider trading and after months of negotiations, has reached a plea deal with the US Department of Justice. It will have to pay 1,8 billion dollars, including the 600 million already paid in March to the Securities and Exchange Commission. A record fine in the history of insider trading cases for the group founded by billionaire Steven Cohen.
The agreement prevents the hedge fund from handling third party money. In fact, Sac Capital becomes a so-called 'family office'. The agreement reached today does not save individuals, on whom potential indictments continue to hang.
