On Monday, following a 10-year investigation, hedge fund SAC Capital Advisors agreed to plead guilty to criminal insider-trading charges, securities fraud and wire fraud. The hedge fund will pay a record $1.8 billion penalty and cease managing funds on behalf of outside clients. On the other hand, SAC founder Steven A. Cohen, who was not personally charged with a crime, can continue to manage $9 billion of funds belonging to himself and his key staffers, and may someday manage outsiders’ funds.
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