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Originally posted by article
SAC Capital Advisors, one of Wall Street's largest and most profitable hedge funds, has been indicted on criminal charges for its role in insider trading offenses committed over a decade by many of its employees. Though SAC Capital billionaire founder and head Steven Cohen was not charged individually, the indictment charged his Connecticut-based hedge fund and three of its affiliates with wire fraud and four counts of securities fraud - allegations that could cripple the nationally known fund.

Richard Lee, an SAC portfolio manager responsible for directing a $1.25 billion "special situations fund," pleaded guilty to insider trading charges Tuesday in the years-long SAC Capital investigation, the Manhattan U.S. Attorney's office said as prosecutors unsealed his plea.

The 41-page indictment charged that the insider trading scheme "was substantial, pervasive and on a scale without known precedent in the hedge fund industry." Additionally, the SEC on July 19 filed civil administrative charges against Cohen himself, alleging that he "failed reasonably to supervise" two senior portfolio managers who themselves have been been hit with insider trading charges and are awaiting trial.

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I really hope they get found guilty and get fined a monetary amount that is almost completely meaningless. That will do a lot to stop these sorts of abuses in the financial industry.
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Originally posted by turtleman
A normal person wouldn't say that in real life because it's ridiculous and insulting. Yet here you are spouting the most hateful garbage that your demons can muster out of your darkened soul. All because of the internet.

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