2013-07-26 — usatoday.com
Prosecutors said the indictment charged that a decade-long insider trading scheme at SAC Capital "was on a scale without known precedent in the hedge fund industry... The widely anticipated criminal charges come after SAC Capital and CR Intrinsic, another Cohen affiliate, earlier this year agreed to pay the Securities and Exchange Commission a record $615 million in penalties to resolve civil insider trading charges against the firms.
...
John Coffee, a Columbia University law school professor expert in securities law last week said it's relatively rare for the SEC to bring such a case as an administrative proceeding, rather than in federal court.
The Coffee remark shows the SEC is serious about taking another pound of flesh from SAC, and perhaps "sending a message" to the fund world in general.
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