NEW YORK — Billionaire investor Steven A. Cohen’s days as a hedge fund manager may be over with his SAC Capital Advisors agreeing to plead guilty to insider trading charges and pay a record US$1.8-billion in fines and forfeitures.
SAO PAULO (Reuters) - Deutsche Bank AG agreed on Monday to pay $20 million to settle charges in Brazil that Europe's largest investment bank by revenue helped manage funds embezzled by former city of São Paulo officials in the 1990s, a prosecutor said on Monday.
Ravi Nagarajan submits:General Re, a Berkshire Hathaway (BRK.A) subsidiary, has reached a $92 million settlement with the federal government which will allow the firm to avoid prosecution for its role in an accounting fraud involving AIG.
Billionaire hedge fund manager Steven Cohen’s firm SAC Capital Advisors has agreed to pay the government $1.8 billion and plead guilty to fraud charges, federal prosecutors said Monday. In a letter to federal judges presiding over the case, prosecutors said the company will pay a $900 million fine and forfeit another $900 million to the federal government, the Associated Press reports. The company will also shut down its investment advisory business. Prosecutors said in the letter that the settlement is believed to be the largest financial penalty for insider trading in history.
NEW YORK (Reuters) - The trial of former Goldman Sachs bond trader Fabrice "Fabulous Fab" Tourre next week gives the U.S. Securities and Exchange Commission an opportunity to prove that it can win big cases tied to the financial crisis. The SEC claimed an 85 percent success rate in all trials last year, but its critics have said that, when it comes to the financial crisis, its win rate has been dismal.