4 SAC Capital Management Companies & SAC Portfolio Manager Charged with Insider Trading
NEW YORK, NY -- U.S. Attorney Preet Bharara and FBI Assistant Director-in-Charge George Venizelos announce the unsealing of insider trading charges against four companies -- S.A.C. Capital Advisors, L.P. ("SAC Capital LP"), S.A.C. Capital Advisors, LLC, CR Intrinsic Investors, LLC, and Sigma Capital Management, LLC, collectively (the "SAC Companies"). The SAC Companies are responsible for the management of a group of affiliated hedge funds. The alleged insider trading was committed by numerous employees of the SAC companies, occurred over the span of more than a decade, and involved the securities of more than 20 publicly-traded companies across multiple sectors of the economy. Charges were also unsealed today against Richard Lee, a portfolio manager employed by SAC Capital LP, who focused on "special situations" like mergers and acquisitions, private equity buy-outs, and corporate restructurings in publicly-traded companies across various industry sectors. Lee pled guilty on July 23, 2013, before U.S. District Judge Paul G. Gardephe, to conspiracy and securities fraud charges in connection with his work at SAC Capital LP.