An insider-trading conviction condemns Steve Cohen to becoming the 59th-richest American
US federal prosecutors threw the book today at SAC Capital Advisors, forcing the hedge fund to plead guilty to insider trading and pay a total of $1.8 billion to the government, the largest penalty ever for the offense.
The case revolved around allegations that SAC portfolio managers repeatedly obtained inside information about major firms and used it to beat the markets. US Attorney Preet Bharara, the lead prosecutor, presented it as a major victory against insider trading by punishing an entire firm for a culture of corruption.
