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SAC Capital Advisors

SAC agrees to plead guilty to insider trading

SAC agrees to plead guilty to insider trading

NEW YORK — Steven A. Cohen faces what could be an end to his career as one of Wall Street's most profitable money men after his hedge fund agreed to plead guilty to charges of criminal insider trading. SAC Capital Advisors becomes the first major financial firm in a generation to admit criminal conduct and agreed to pay a record $1.2 billion in penalties. The government's dogged pursuit of Cohen's hedge fund essentially puts the company out of the business of managing money for outside investors. Although prosecutors stopped short of charging Cohen himself, his fund's guilty plea — announced Monday in New York — marks a stunning reversal of fortune...