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Press Release

Statement Of Manhattan U.S. Attorney Preet Bharara On The Sentencing Of SAC Capital Management Companies For Insider Trading

For Immediate Release
U.S. Attorney's Office, Southern District of New York

“After due consideration, the Court has accepted the guilty plea and imposed sentence on SAC, including the payment of $1.184 billion in financial penalties. Today marks the day of reckoning for a fund that was riddled with criminal conduct. SAC fostered pervasive insider trading and failed, as a company, to question or prevent it. So far, this Office has successfully convicted eight SAC employees of insider trading, and when so much criminal conduct takes place within one institution, it is appropriate to impose criminal liability on the institution itself. Today’s sentence affirms that when institutions flout the law in such a colossal way, they will pay a heavy price.”

Updated May 13, 2015

Press Release Number: 14-103