You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Column: Hog prices grind lower
    Hog producers have been able to offset animal losses by fattening up the remaining hogs on inexpensive corn.
  • GM boosted June sales with discounts to dealers
    As General Motors prepares to report monthly sales results on Friday, a look its numbers from June show just how intent the company is on keeping new-car sales on the rise during a record spate of safety recalls.
  • Target taps outsider as next CEO
    NEW YORK – Target is bringing in an outsider as its CEO for the first time as the retailer fights to redefine itself to American shoppers.
Advertisement
Associated Press
This Friday, July 26, 2013, file photo shows the Greenwich, Conn. estate belonging to billionaire hedge fund owner Stephen Cohen. (AP Photo/Vincent T. Vuoto, File)

Hedge fund giant SAC Capital to pay $1.8B penalty

– A New York prosecutor says an agreement with a hedge fund giant requiring it to pay a record $1.8 billion to resolve criminal insider trading charges proves that no institution is “too big to jail.”

U.S. Attorney Preet Bharara in Manhattan made the remark Monday as he announced that SAC Capital Advisors and related companies will pay the record penalty and plead guilty to criminal fraud charges. They’ll get to exclude $616 million from the penalty, an amount they owe the Securities and Exchange Commission for civil charges.

The deal needs approval from federal judges. That seems likely considering the size of the deal. The government says SAC Capital must wind down and close its outside investment business. SAC Capital said in a statement it has never tolerated insider trading.

Advertisement