SAC Capital Is Arraigned on a Raft of Criminal Charges

[unhappycamper]

http://dealbook.nytimes.com/2013/07/26/sac-capital-is-arraigned-on-a-raft-of-criminal-charges/?ref=business



Lawyers for SAC Capital Advisors, from right, Daniel Kramer, Peter Nussbaum and Theodore V. Wells Jr., wait for their private car outside federal court in New York on Friday.

SAC Capital Is Arraigned on a Raft of Criminal Charges
By BEN PROTESS
July 26, 2013, 1:13 pm

Updated, 8:15 p.m. | After years of winning criminal convictions against employees of SAC Capital Advisors, federal prosecutors on Friday confronted the hedge fund itself.

In a brief proceeding in Federal District Court in Lower Manhattan, the firm was arraigned on a raft of criminal insider trading charges, making it the first large American company to face an indictment in more than a decade. Prosecutors on Thursday announced the case against SAC, run by the billionaire Steven A. Cohen, calling it a “veritable magnet of market cheaters.”

As expected, SAC pleaded not guilty to the charges. Peter Nussbaum, SAC’s general counsel, delivered the plea on behalf of the fund.

Judge Laura Taylor Swain informed Mr. Nussbaum of SAC’s rights, namely that it had the right to a court-appointed lawyer.

[mbperrin]

1. I like even the look of this!

Really sweet to get some meaningful punishment here.