Posted: Apr 10, 2014 4:28 AM
Updated: Apr 10, 2014 4:29 AM
NEW YORK (AP) A New York judge is set to sentence Connecticut-based SAC Capital on Thursday after it pleaded guilty to criminal fraud charges in a $1.8 billion deal with the government.
Judge Laura Taylor Swain will sentence SAC Capital LP and three related entities based on pleas to wire fraud and securities fraud.
Both sides have asked Swain to follow the terms of the agreement announced in November.
The government said in a presentencing memorandum that the majority of money managed by the defendants during a decade-long fraud that began in 1999 belonged to the hedge fund's owner and founder, Steven A. Cohen. It noted eight employees were convicted of insider trading.
The corporate defendants say in court papers they are "deeply remorseful" for the misconduct of each individual who broke laws.