Ex-SAC Fund Manager Has Insider-Trading Plea Tossed Out by Judge

June 21, 2019, 8:36 PM

A former SAC Capital Advisors LP fund manager had his guilty plea to insider trading tossed out by a judge, who said current law no longer supports his plea.

Richard S. Lee pleaded guilty in 2013 days before SAC Capital was indicted for orchestrating a massive insider-trading scheme. Lee, who cooperated with prosecutors, was one of at least eight SAC fund managers or analysts who were charged in the government’s years-long attack on illicit trading.

“Given developments in insider-trading law since Lee’s plea was taken in 2013,” Lee’s guilty plea is “insufficient,” U.S. District Judge Paul Gardephe in Manhattan said ...

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