{"id":1549,"date":"2014-11-17T17:47:00","date_gmt":"2014-11-17T17:47:00","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/11\/sec_wants_602m_fund_set_up_for"},"modified":"2022-03-11T13:33:47","modified_gmt":"2022-03-11T19:33:47","slug":"sec-wants-602m-fund-set-up-for","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-wants-602m-fund-set-up-for\/","title":{"rendered":"SEC Wants $602M Fund Set Up for Victims of SAC Capital\u2019s Insider Trading"},"content":{"rendered":"

\t\t\t\tThe U.S. Securities and Exchange Commission is asking a district judge to authorize a fair fund to pay back people shareholders who didn’t participate in an insider trading scam <\/a>involving shares of Wyeth LLC and Elan Corp. PLC. The regulator is seeking to reimburse people who traded the stocks over a seven-day period in July 2008, which is the week when SAC Capital Advisors LP liquidated a $700 million position in both companies because of illicit tips obtained by former fund manager Mathew Martoma. The SEC is suggesting that the $602 million it collected from SAC Capital over the matter should be used to repay the shareholders.<\/p>\n

SAC Capital, now known as Asset Management LP, had agreed to pay $1.8 billion to settle a criminal indictment for the insider trading allegations. Of that money, $616 million was a penalty to the SEC over related charges. However, not all SEC commissioners are on board with the regulator’s fair fund recommendation. Commissioners Michael Piwowar and Daniel Gallagher have expressed their dissent. <\/p>\n

Meantime, Martoma has just lost a bid to stay out of jail while he appeals his conviction. Martoma was sentenced to nine years behind bars after he was found guilty of three counts of conspiracy and securities fraud.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission is asking a district judge to authorize a fair fund to pay back people shareholders who didn’t participate in an insider trading scam involving shares of Wyeth LLC and Elan Corp. PLC. The regulator is seeking to reimburse people who traded the stocks over a seven-day period in July […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811,3760,3741],"tags":[],"class_list":["post-1549","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-sec-enforcement","category-securities-fraud"],"yoast_head":"\nSEC Wants $602M Fund Set Up for Victims of SAC Capital\u2019s Insider Trading — Investor Lawyers Blog — November 17, 2014<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is asking a district judge to authorize a fair fund to pay back people shareholders who didn't participate in — November 17, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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