Insider trading

The SEC yesterday asked U.S. District Judge Victor Marrero in Manhattan to order a $602 million “fair fund” set up to reimburse people who traded Elan Corp. and Wyeth during a seven-day period in July 2008. The companies were victims in the SAC Capital insider trading scandal.
Former Microsoft Corp. senior manager Brian Jorgenson was sentenced to two years in prison for insider trading that reaped $400,000 in profit using nonpublic information about the software maker’s quarterly earnings and its investment in Barnes & Noble Inc., the U.S. said.
Steinberg, 42, who handled technology, media and telecommunications stocks at SAC Capital’s Sigma Capital Management unit, was the longest-serving employee at the hedge fund convicted in the U.S. probe.
In the hedge fund record books, there will always be doubts about how Steven A. Cohen outperformed rivals for more than 20 years.
Billionaire Steven Cohen’s SAC Capital Advisors LP, the hedge fund firm accused of fostering a culture of rampant insider trading, has agreed to plead guilty to a federal indictment and pay $1.8 billion, the U.S. said.
SAC Capital Advisors LP will plead guilty to securities fraud as soon as today, the biggest hedge-fund firm to resolve charges in the U.S. government’s six-year crackdown on insider trading, according to a person familiar with the matter.
Mark Cuban, the billionaire owner of pro basketball’s Dallas Mavericks, didn’t engage in insider trading nine years ago, a federal jury decided in a case brought by the U.S. Securities and Exchange Commission.
Two brothers agreed to pay $5 million to resolve U.S. Securities and Exchange Commission claims that they used confidential information to make options trades ahead of an announced deal to buy H.J. Heinz Co.
Here's a delightful piece of regulatory police work. The Securities and Exchange Commission brought a case today against Lawrence Robbins, a former accountant and current independent film producer who seems to have funded his films by insider trading ahead of corporate takeovers.
SAC Capital Advisors LP, the hedge-fund firm that’s facing federal insider-trading charges and a money-laundering lawsuit, shuttered one of its trading units, according to a person with knowledge of the matter.