Six Years After Crackdown, U.S. Set for Another Insider Trading Trial
- New York prosecutors say they’re ready to try ex-SAC manager
- Judge tossed Lee’s 2013 guilty plea in June as laws changed
SAC Capital Advisors signage stands outside the former company's headquarters in Stamford, Connecticut, on Feb. 22, 2013.
Photographer: Victor J. Blue/Bloomberg
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Six years after his case was hailed as the centerpiece of an insider-trading crackdown against SAC Capital Advisors LP, prosecutors said Wednesday they’re ready to take a former fund manager to trial, just weeks after a federal judge tossed his guilty plea.
Richard S. Lee pleaded guilty in July 2013, days before then-U.S. Attorney Preet Bharara unveiled a sweeping indictment that alleged SAC Capital orchestrated a massive insider-trading scheme. Lee was one of at least eight SAC fund managers or analysts who were charged criminally in the government’s attack on illicit trading.