Hedge fund to operate as it faces US fraud charges - Houston weather, traffic, news | FOX 26 | MyFoxHouston

Hedge fund to operate as it faces US fraud charges

Posted: Updated:

By LARRY NEUMEISTER and TOM HAYS
Associated Press

NEW YORK (AP) - A giant hedge fund led by an embattled billionaire is pledging to continue normal operations after a New York indictment accused it of insider trading.

The indictment against SAC Capital Advisors was unsealed Thursday. Lawyers for the company are expected to appear in federal court in Manhattan on Friday morning. The charges claim the company permitted an environment where extensive insider trading could reap hundreds of millions of dollars in illegal profits for more than a decade.

The company is owned by billionaire Steven A. Cohen. He was not named as a defendant, though court papers criticized him, saying he created a company culture where insider trading thrived.

SAC Capital Advisors says it will continue to operate as it faces the charges.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Doctors making 'house calls' via app

    Doctors making 'house calls' via app

    Thursday, July 31 2014 10:15 PM EDT2014-08-01 02:15:42 GMT
    Even when it's a simple stomach ache, many of us look to the web for answers. Now, a licensed doctor can diagnose patients through the online service called HealthTap. Patients have been able to type in questions and get answers for free from 62,000 doctors. But now, patients can have live video conferences with doctors for $99 a month, plus $10 for every additional family member.
    Even when it's a simple stomach ache, many of us look to the web for answers. Now, a licensed doctor can diagnose patients through the online service called HealthTap. Patients have been able to type in questions and get answers for free from 62,000 doctors. But now, patients can have live video conferences with doctors for $99 a month, plus $10 for every additional family member.
  • Road-trip vacations that don't break the bank

    Road-trip vacations that don't break the bank

    Thursday, July 31 2014 5:37 PM EDT2014-07-31 21:37:29 GMT
    Last-minute vacations don't need to be a headache or ridiculously expensive, especially if you make it a road trip. Even if you don't have a car, renting one can be an affordable option.Lauren Lyons Cole, a personal finance contributor to TheStreet.com, has some suggestions.
    Last-minute vacations don't need to be a headache or ridiculously expensive, especially if you make it a road trip. Even if you don't have a car, renting one can be an affordable option.Lauren Lyons Cole, a personal finance contributor to TheStreet.com, has some suggestions.
  • OKCupid, Facebook not alone in studying consumers

    OKCupid, Facebook not alone in studying consumers

    Tuesday, July 29 2014 4:51 PM EDT2014-07-29 20:51:44 GMT
    Think you're in control? Think again. This week, OKCupid became the latest company to admit that it has manipulated customer data to see how users of its dating service would react to one another. The New York-based Internet company's revelation follows news earlier this month that Facebook let researchers change news feeds to see how it would affect users' moods.
    Think you're in control? Think again. This week, OKCupid became the latest company to admit that it has manipulated customer data to see how users of its dating service would react to one another. The New York-based Internet company's revelation follows news earlier this month that Facebook let researchers change news feeds to see how it would affect users' moods.
  • LocalMore>>

  • Is clean water a Human right

    Is clean water a Human right

  • Allegation of Bias Sparks New EPA Study of San Jacinto Waste Pits

    Allegation of Bias Sparks New EPA Study of San Jacinto Waste Pits

    Thursday, July 31 2014 11:18 PM EDT2014-08-01 03:18:28 GMT
    There's been a major development in the battle over a huge toxic waste dump on the San Jacinto River.Harris County Attorney Vince Ryan says the Environmental Protection Agency is being fed science tainted by bias and it appears the EPA is listening and acting on the charge.The half century old Superfund site on the San Jacinto River is the responsibility of International Paper and Houston based Waste Management.As the responsible parties for the tons of poisonous Dioxin stored there, the EPA ...
    There's been a major development in the battle over a huge toxic waste dump on the San Jacinto River.Harris County Attorney Vince Ryan says the Environmental Protection Agency is being fed science tainted by bias and it appears the EPA is listening and acting on the charge.The half century old Superfund site on the San Jacinto River is the responsibility of International Paper and Houston based Waste Management.As the responsible parties for the tons of poisonous Dioxin stored there, the EPA ...
  • Houston Eats: Nara Sushi

    Houston Eats: Nara Sushi

Powered by WorldNow

KRIV FOX 26
4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices