US Files Criminal Charges Against SAC For the Non-Crime Of Insider Trading

US prosecutors brought criminal charges against SAC Capital, the hedge fund run by billionaire Steve Cohen, alleging the $15 billion fund engaged in “systemic insider trading” for 11 years, reports FT.

SAC was charged with one count of wire fraud and four counts of securities fraud. Prosecutors are seeking forfeiture of hundreds of millions of dollars in allegedly illegal profits.

The fraud was “substantial, pervasive and on a scale without known precedent in the hedge fund industry,” the government said in the indictment.

Keep in mind, all this hoopla from the SEC and the DOJ is for a non-crime.