Steve Cohen’s SAC Capital is “deeply remorseful” its employees broke the law, a lawyer for the once-powerful hedge fund wrote a federal judge who will decide next month whether to accept the firm’s plea agreement on insider trading and money laundering charges.
SAC Capital agreed to pay a total of $1.8 billion and shut down its fund to outside investors in a plea deal it cut with US Attorney Preet Bharara last fall. But Judge Laura Swain postponed her acceptance of the deal until this year, after two additional SAC employees went to trial on charges of — and were convicted of — insider trading.
That brought the number of convicted insider traders who worked at SAC to eight.
SAC has paid a “very steep price” for these actions, Martin Klotz, of Wilkie Farr & Gallagher, wrote the judge. The price is “also in terms of the damage done to their business and the reputations of the good people employed by them.”
The sentencing hearing is set for April 10.