Tuesday 30 May 2017

SAC Capital pleads not guilty to insider trading charges

STEPHEN Cohen's hedge fund, SAC Capital Advisors, pleaded not guilty to insider trading charges in federal court on Friday.

The firm's general counsel, Peter Nussbaum, flanked by five high-powered defense lawyers, entered the plea before U.S. District Judge Laura Taylor Swain in New York.

US prosecutors unsealed an indictment against the firm on Thursday, charging it with presiding over a culture that encouraged traders to tap personal networks of contacts for inside information about publicly traded companies.

Reuters

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