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SAC Capital Is Arraigned on a Raft of Criminal Charges
Source: New York Times
JULY 26, 2013, 1:13 PM
SAC Capital Is Arraigned on a Raft of Criminal Charges
BY BEN PROTESS
After years of winning criminal convictions against employees of SAC Capital Advisors, federal prosecutors on Friday confronted SAC itself.
In a brief proceeding in Federal District Court in Lower Manhattan, the hedge fund was arraigned on a raft of criminal insider trading charges, making it the first large American company to face an indictment in more than a decade. The appearance came a day after prosecutors announced the case against SAC, run by the billionaire Steven A. Cohen, calling it a “veritable magnet of market cheaters.”
As expected, SAC pleaded not guilty to the charges. Peter Nussbaum, SAC’s general counsel, delivered the plea on behalf of the fund.
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Mr. Nussbaum, in fact, was flanked by no fewer than five outside lawyers from two of the most sophisticated law firms: Willkie Farr & Gallagher and Paul, Weiss, Rifkind, Wharton & Garrison. Martin Klotz at Willkie and Daniel J. Kramer at Paul Weiss have led SAC’s defense.
[font size=1]-snip-[/font]
SAC Capital Is Arraigned on a Raft of Criminal Charges
BY BEN PROTESS
After years of winning criminal convictions against employees of SAC Capital Advisors, federal prosecutors on Friday confronted SAC itself.
In a brief proceeding in Federal District Court in Lower Manhattan, the hedge fund was arraigned on a raft of criminal insider trading charges, making it the first large American company to face an indictment in more than a decade. The appearance came a day after prosecutors announced the case against SAC, run by the billionaire Steven A. Cohen, calling it a “veritable magnet of market cheaters.”
As expected, SAC pleaded not guilty to the charges. Peter Nussbaum, SAC’s general counsel, delivered the plea on behalf of the fund.
[font size=1]-snip-[/font]
Mr. Nussbaum, in fact, was flanked by no fewer than five outside lawyers from two of the most sophisticated law firms: Willkie Farr & Gallagher and Paul, Weiss, Rifkind, Wharton & Garrison. Martin Klotz at Willkie and Daniel J. Kramer at Paul Weiss have led SAC’s defense.
[font size=1]-snip-[/font]
Read more: http://dealbook.nytimes.com/2013/07/26/sac-capital-is-arraigned-on-a-raft-of-criminal-charges/
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