Former SAC portfolio manager Michael Steinberg (center) exits a Manhattan federal court with his attorney after his indictment on securities fraud charges in March.
Credit Louis Lanzano / AP
Federal officials in New York City have charged SAC Capital Advisors with insider trading, the culmination of a protracted investigation into the hedge fund founded by embattled billionaire Steven Cohen.
SAC is charged with one count of wire fraud and four counts of securities fraud in connection with alleged insider trading by "numerous employees" at "various times between in or about 1999 through at least in or about 2010," according to the indictment.
A year ago, before the initial public offering of stock, Nasdaq and Facebook were quite excited.
Credit Emmanuel Dunand / AFP/Getty Images
One year after Facebook's troubled initial public offering, the Securities and Exchange Commission announced Wednesday that it has "charged Nasdaq with securities laws violations resulting from its poor systems and decision-making ... [and that] Nasdaq has agreed to settle the SEC's charges by paying a $10 million penalty."