SAC cooperation no longer unconditional
SAC Capital Advisors, the $15 billion hedge fund in the spotlight of an insider-trading crackdown by the government, reportedly told investors Friday its cooperation with the investigation is “no longer unconditional.”
The statement comes as nine current or former employees have been implicated in a long-running probe into insider trading.
SAC, run by billionaire Steven A. Cohen, gave investors a June 3 deadline to decide whether or not to withdraw money from the fund.
According to Dow Jones Newswires, SAC sent a letter to investors saying its cooperation with the government probe is “no longer unconditional.” The hedge fund also said it will limit information it shares with investors about the investigation, Dow Jones reported.
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