April 4, 2014 / 6:02 AM / 4 years ago

SAC seeks Bart Schwartz as consultant in insider trading plea

April 4 (Reuters) - Billionaire investor Steve Cohen-owned SAC Capital Advisors LP’s lawyers proposed to retain corporate adviser and former federal prosecutor Bart Schwartz as a compliance consultant while the hedge fund pleads guilty to insider trading charges.

The choice of Schwartz, the chairman and CEO of business intelligence firm SolutionPoint International Inc, was disclosed in a sentencing memorandum filed on Thursday by the attorney of the Southern District of New York.

“(He) has considerable experience in this area and has acted as a monitor on other significant cases,” the filing said.

The former chief of the criminal division in the Southern District of New York has managed complex investigations, prosecutions and security assessments for more than 3 decades.

Stamford, Connecticut-based SAC pleaded guilty to fraud charges late last year. It agreed to a $1.2 billion fine and promised to stop managing money for outsiders. (Reporting by Arnab Sen in Bangalore; Editing by Joyjeet Das)

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