Hedge fund to operate as it faces US fraud charges - FOX 13 News

Hedge fund to operate as it faces US fraud charges

Posted: Updated:

By LARRY NEUMEISTER and TOM HAYS
Associated Press

NEW YORK (AP) - A giant hedge fund led by an embattled billionaire is pledging to continue normal operations after a New York indictment accused it of insider trading.

The indictment against SAC Capital Advisors was unsealed Thursday. Lawyers for the company are expected to appear in federal court in Manhattan on Friday morning. The charges claim the company permitted an environment where extensive insider trading could reap hundreds of millions of dollars in illegal profits for more than a decade.

The company is owned by billionaire Steven A. Cohen. He was not named as a defendant, though court papers criticized him, saying he created a company culture where insider trading thrived.

SAC Capital Advisors says it will continue to operate as it faces the charges.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Glamsquad app

    Hair and makeup house call

    Hair and makeup house call

    Tuesday, August 26 2014 10:27 PM EDT2014-08-27 02:27:35 GMT
    A new app is bringing the star treatment to the masses. Glamsquad delivers a hair and makeup artist to your doorstep.I invited them over to my place. Kelly did my makeup and Erin styled my mane. They helped me select a look from examples on the app and they encouraged me to tweak the looks to fit my style.
    A new app is bringing the star treatment to the masses. Glamsquad delivers a hair and makeup artist to your doorstep.I invited them over to my place. Kelly did my makeup and Erin styled my mane. They helped me select a look from examples on the app and they encouraged me to tweak the looks to fit my style.
  • Passing on your online accounts after you die

    Passing on your online accounts after you die

    Tuesday, August 26 2014 10:07 PM EDT2014-08-27 02:07:19 GMT
    Your Facebook page or email could soon be passed on in a will just like physical property. Delaware is the first state to allow heirs access to their loved ones' digital legacies. Pedram Tabibi, a social media attorney, says in many cases this can be vital information, like banking and health data. He says current terms and conditions for websites such as Apple, Amazon, and Google won't let an account get passed onto someone else.
    Your Facebook page or email could soon be passed on in a will just like physical property. Delaware is the first state to allow heirs access to their loved ones' digital legacies. Pedram Tabibi, a social media attorney, says in many cases this can be vital information, like banking and health data. He says current terms and conditions for websites such as Apple, Amazon, and Google won't let an account get passed onto someone else.
  • Potential buyer looks at Showboat Casino

    Potential buyer looks at Showboat Casino

    Tuesday, August 26 2014 3:05 PM EDT2014-08-26 19:05:43 GMT
    Caesars Entertainment is showing the soon-to-close Showboat Casino Hotel to "an interested party," but won't say who it is.Company spokesman Gary Thompson told The Associated Press that Caesars officials were showing the Showboat on Tuesday to a party that had expressed interest.
    Caesars Entertainment is showing the soon-to-close Showboat Casino Hotel to "an interested party," but won't say who it is.Company spokesman Gary Thompson told The Associated Press that Caesars officials were showing the Showboat on Tuesday to a party that had expressed interest.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices