Federal Authorities File Criminal Charges Against SAC

New York City Federal Authorities announced criminal charges against SAC Capital Advisors LLP on Thursday.

The authorities have announced a raft of criminal charges against SAC, which is considered an unusual move that could cripple one of Wall Street’s most successful stock trading firms.

Steve Cohen not charged

The Federal authorities have charged SAC with wire fraud and four counts of securities fraud.

For lack of direct evidence linking founder Steve Cohen with the illicit trades, the government couldn’t criminally charge him, though he owns 100 percent of...