Friday, July 26, 2013

More fraud

"Steven Cohen's hedge fund, SAC Capital Advisors LLP, pleaded not guilty in federal court on Friday, one day after it was indicted on insider-trading charges.

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

U.S. prosecutors on Thursday charged the $14 billion hedge fund with presiding over a culture where employees flouted the law and were encouraged to tap their personal networks for inside information about publicly traded companies.

Government-obtained evidence includes "court-authorized wiretaps" and "a large number of electronic recordings," such as emails and instant messages, Antonia Apps, an assistant U.S. attorney who has prosecuted other insider-trading cases, told the judge.

"In short, a tremendous volume," Apps said of the evidence."

And more keep getting away with the fraud....