SAC Capital faces civil fraud charges in the biggest ever case of insider trading as the US government closes its net over the $14bn hedge fund.
The development threatens to undermine confidence in one of the most successful hedge funds of all time. Steven Cohen, the firm’s founder, has dazzled Wall Street for two decades with the strength of his investment returns, his lavish modern art collection and the size of the commissions he has paid to banks and brokers.
SAC held a 20-minute phone call with investors on Wednesday saying it was informed last week that the Securities and Exchange Commission was planning to bring civil fraud charges against it – a procedure known as a Wells Notice.
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