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So It Begins: SAC Indicted By Federal Grand Jury In New York - Full Indictment

Tyler Durden's picture





 

Goodbye sweet blue-eyed prince. It's been bittersweet. Just out from Bloomberg and Reuters:

  • SAC CAPITAL ADVISORS INDICTED BY FEDERAL GRAND JURY IN NEW YORK
  • COHEN'S HEDGE FUND, SUBORDINATES SUBJECT OF CRIMINAL INQUIRY
  • SAC FOUNDER STEVE COHEN SUBJECT OF SEC ADMINISTRATIVE ACTION
  • U.S. JUSTICE DEPARTMENT FILES CHARGES IN MANHATTAN COURT
  • U.S. SEEKS TO FORCE SAC TO FORFEIT ILLEGAL PROFITS STEMMING FROM FRAUD - good luck there boys
  • U.S. SAYS THAT FROM ROUGHLY 1999 TO 2010, SAC OBTAINED AND TRADED ON INSIDE INFORMATION TO BOOST RETURNS, FEES

Perhaps now is a good time to retreat to the hockey rink behind 9 feet of electrified fence, before the TV newsvans arrive at 72 Cummings Point road. As for what happens to the 5-10% of daily NYSE volume traditionally associated with the SAC, we will find out soon enough.

Oh and as a reminder:

 

And a very spirited defense by Anthony Scaramucci circa November 2012. Fast forward to 3:40 in the clip:

 

Full indictment below (pdf):

 


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