SAC Capital to move to smaller, family-based office in accord with SEC
WASHINGTON, June 27
WASHINGTON, June 27 (Reuters) - Steven A. Cohen's hedge fund SAC Capital and several affiliates reached a deal with U.S. securities regulators on Friday to wind down their operations and transition into a smaller, family-based business, according to a regulatory filing.
The settlement with the Securities and Exchange Commission was widely anticipated. It comes after SAC Capital and several other units pleaded guilty to criminal charges of wire fraud and securities fraud last year.
As part of the settlement with the SEC, Cohen's hedge fund must de-register as an investment adviser before June 30. The settlement also limits Cohen's involvement in managing the money. (Reporting by Sarah N. Lynch; Editing by Susan Heavey)