WDAY.com

WDAZ: Your Home Team

Published November 04, 2013, 09:57 AM

US govt: Hedge fund giant SAC Capital to pay $1.8B

NEW YORK (AP) - Federal prosecutors in New York say hedge fund giant SAC Capital Advisors has agreed to plead guilty to fraud charges and to pay a $1.8 billion financial penalty.

By: Larry Neumeister, Associated Press

NEW YORK (AP) - Federal prosecutors in New York say hedge fund giant SAC Capital Advisors has agreed to plead guilty to fraud charges and to pay a $1.8 billion financial penalty.

The agreement was contained in a letter from prosecutors to federal judges presiding over the case in Manhattan.

According to the letter dated Monday, the company will pay a $900 million fine and forfeit another $900 million to the federal government.

It said the company also will terminate its investment advisory business.


Copyright 2013 The Associated Press.

Tags: