STAMFORD, Conn. — A subsidiary of Stamford-based SAC Capital Advisors agreed Friday to pay more than $600 million to settle insider trading charges brought against the firm by the Securities and Exchange Commission.
It’s the SEC's largest insider trading settlement ever. The regulatory agency alleged that the hedge fund’s affiliate, CR Intrinsic Investors, participated in an insider trading scheme that involved a clinical trial for an Alzheimers drug being developed by two pharmaceutical companies.
SAC’s headquarters are located in the Dolphin Cove area of Stamford, on the Old Greenwich border. It’s founder, Steven A. Cohen, is one of the wealthiest men in the world and resides in Greenwich.
See the full SEC case against SAC Capital Advisors.