SAC Capital, the $15bn hedge fund run by Steve Cohen, will plead guilty to securities fraud and pay more than $1bn in fines in one of the biggest criminal cases against a hedge fund, a person familiar with the matter said.
The plea and fine are expected to be announced as soon as today, this person said.
The case marks one of the most dramatic falls of a Wall Street titan and hands the government another conviction in a multiyear insider trading investigation that has shaken the hedge fund industry and questioned the viability of expert network firms.
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