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SAC Capital Indicted For Unprecedent Insider Trading Scam

SAC Capital Advisors LP, the $14 billion hedge fund founded by Steven A. Cohen, was indicted for perpetrating what prosecutors called an unprecedented insider trading scheme that was revealed as part of the government’s six-year crackdown on Wall Street crime.

The case against the Stamford, Connecticut-based firm is the most significant to be brought by the U.S. since former Goldman Sachs Group Inc. director Rajat Gupta was charged with insider trading in October 2011. Gupta, convicted in New York federal court last year, was sentenced to two years in prison.