Hedge fund giant SAC Capital to pay $1.8B: U.S.
THE ASSOCIATED PRESS November 4, 2013 9:04AM
Updated: November 4, 2013 10:22AM
NEW YORK — Federal prosecutors in New York say hedge fund giant SAC Capital Advisors has agreed to plead guilty to fraud charges and to pay a $1.8 billion financial penalty.
The agreement was contained in a letter from prosecutors to federal judges presiding over the case in Manhattan.
According to the letter dated Monday, the company will pay a $900 million fine and forfeit another $900 million to the federal government.
It said the company also will terminate its investment advisory business.