Insider Trading Latest News: SAC Is Going Down but Does This Help Main Street?

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Insider Trading Latest News: SAC Is Going Down but Does This Help Main Street?

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Insider Trading Latest News: SAC Is Going Down but Does This Help Main Street?

by Wochit 1:10 mins

Insider Trading Latest News: SAC Is Going Down but Does This Help Main Street?

by Wochit 1:10 mins

Preet Bharara, U.S. Attorney General of the Southern District of New York, achieved what many think is his greatest ambition when he charged SAC Capital Advisors and by association their founder, Steven A. Cohen, with criminal responsibility for insider trading. SAC Capital Advisors, the hedge fund founded by billionaire Steven A. Cohen, says it doesn't tolerate insider trading. An indictment was recently unsealed in federal court charging SAC with wire and securities fraud. Federal prosecutors who have investigated hedge fund titan Steven A. Cohen for years on allegations of insider trading have decided they do not have enough evidence to get him, so they are going after his company instead. The Manhattan U.S. Attorney's office is nearing a decision about filing criminal charges against Cohen's $15 billion SAC Capital Advisors hedge fund. But there is no indication authorities will charge Cohen with any criminal wrongdoing.

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