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SAC Pleads Guilty!


Parsad
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With all of the attention on Blackberry, I hope the financial industry and Fairfax shareholders alike, don't discount the magnitude of what has transpired this morning...the guilty pleas submitted by SAC Capital!

 

http://money.cnn.com/2013/11/08/investing/sac-guilty-plea/index.html?source=cnn_bin

 

Through the resilient counterattack brought on by Fairfax through their lawsuit, to the determined and diligent work of Preet Brahara and the United States government.  This plea was years in the making and is possibly one of the most prominent industry criminal cases since Michael Milken or Bernie Madoff.  Fairfax's deposition played a very prominent role in the U.S. government's case, and I'm sure several books will be written about this entire event.

 

Congratulations Prem...at least one thing has gone right recently!  ;D  Cheers!

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With all of the attention on Blackberry, I hope the financial industry and Fairfax shareholders alike, don't discount the magnitude of what has transpired this morning...the guilty pleas submitted by SAC Capital!

 

http://money.cnn.com/2013/11/08/investing/sac-guilty-plea/index.html?source=cnn_bin

 

Through the resilient counterattack brought on by Fairfax through their lawsuit, to the determined and diligent work of Preet Brahara and the United States government.  This plea was years in the making and is possibly one of the most prominent industry criminal cases since Michael Milken or Bernie Madoff.  Fairfax's deposition played a very prominent role in the U.S. government's case, and I'm sure several books will be written about this entire event.

 

Congratulations Prem...at least one thing has gone right recently!  ;D  Cheers!

 

 

Yes, congratulations Prem and all. Thank you for your integrity.

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  • 2 weeks later...

It doesn't seem like much of a victory. All the companies SAC trashed (Fairfax barely survived) and all the tens of billions Cohen pocketed. He's not in jail and still gets to enjoy his ill gotten gains.

Agree.  Not much of a precedent set to use as a deterrent.  No jail time, and keep your money.

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I have a question.  Is the evidence that has led to the fine, and SACs expulsion, available for civil trials? 

 

Seems to me Lawyers are going to be sifting through it seeing what they can sue SAC for thats already been convicted upon. 

 

I wouldn't think this is anywhere near the end game for Steve. 

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  • 1 month later...

http://money.cnn.com/2013/12/18/investing/steinberg-sac-capital/

 

Steinberg guilty.

 

 

house of cards....

 

He wouldn't rat before his conviction.  Lets see what he does now when he's faced with a long sentence vs a possibly much shorter sentence.

 

Should he agree to testify against Cohen as part of a plea deal, Can the DOJ/SEC then charge Cohen, even though the company has settled? 

 

 

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http://money.cnn.com/2013/12/18/investing/steinberg-sac-capital/

 

Steinberg guilty.

 

 

house of cards....

 

He wouldn't rat before his conviction.  Lets see what he does now when he's faced with a long sentence vs a possibly much shorter sentence.

 

Should he agree to testify against Cohen as part of a plea deal, Can the DOJ/SEC then charge Cohen, even though the company has settled? 

 

 

 

Yes.

 

The settlement documents point it out clearly, noting “this agreement does not provide any protection against prosecution or other enforcement action against the SAC Entity Defendants, any owner, shareholder, or employee of the SAC Entity Defendants or any other person.”  In a letter to the judges Bharara goes further, saying “the agreement provides no immunity from prosecution for any individual and does not restrict the Government from charging any individual for any criminal offense and seeking the maximum term of imprisonment applicable to any such violation of criminal law.

 

Source: http://www.forbes.com/sites/afontevecchia/2013/12/18/preet-bhararas-insider-trading-crusade-takes-down-ex-sac-trader-michael-steinberg-is-steve-cohen-next

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