Feds charge hedge fund SAC Capital in NY case

NEW YORK (AP) — A federal prosecutor says the government is not trying to force Steven A. Cohen’s hedge fund to close its doors despite an indictment accusing it of insider trading.

Manhattan U.S. Attorney Preet Bharara (buh-RAH’-ruh) made the statement when he was asked Thursday at a news conference if SAC Capital Advisors would have to shut down if it is convicted.

The prosecutor says the government isn’t seeking to freeze SAC’s assets and wants to minimize risk to investors.

Earlier in the day, an indictment was unsealed in federal court charging the company with wire and securities fraud.

Cohen was not named as a defendant. But he was criticized by the government, which said he “enabled and promoted the insider trading scheme.”

The company has not commented.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s