NEW YORK – SAC Capital Advisors will plead guilty to criminal fraud charges, stop investing money for others and pay $1.8 billion – the largest financial penalty in history for insider trading – to resolve criminal and civil claims against the hedge fund giant, the government announced Monday.
The government said in a letter to judges presiding over Manhattan cases that the proposed global resolution of the criminal and civil cases against SAC Capital Advisors and related companies also includes an agreement that SAC will cease operating as an investment adviser and will not accept any additional funds from third-party investors.
The company will pay a $900 million fine and forfeit another $900 million to the federal government.
Pa. Democrat Coyne dies at 77
William J. Coyne, a Pennsylvania Democrat who championed struggling U.S. cities and the poor during his 22 years in the U.S. House of Representatives, died Nov. 3 in Pittsburgh. He was 77.
The cause was complications from a fall in August, said his nephew Dan Coyne.
Coyne was first elected to the House in 1980 and developed a reputation as an industrious behind-the-scenes legislator.
Shots fired reported at New Jersey mall
Hundreds of law enforcement officers converged Monday night on a mall in northern New Jersey after witnesses said multiple shots were fired there.
NorthJersey.com reported that witnesses said a man dressed in black and wearing a black helmet fired up to five shots at Garden State Plaza Mall in Paramus shortly after 9 p.m. as the mall was about to close.
Detective Rachel Morgan of the Paramus Police Department would not comment on whether shots had been fired inside the mall. There were no immediate reports of injuries.
Conn. lockdown yields no weapons
Reports of a person carrying a sword or a handgun led to a three-hour lockdown at Central Connecticut State University on Monday, but police said no weapons were recovered and there was no threat to the campus.
Three school-age people were in custody, but no charges were filed and police said they were investigating whether the scare may have been set off by somebody wearing a Halloween costume.