SAC Capital Pleads Guilty To Fraud Charges
A US judge will accept SAC Capital's guilty plea and record settlement.

A US judge will accept SAC Capital's $1.8bn settlement with the US government.

Federal prosecutors had urged the judge to accept the record settlement after company executives were found guilty of insider trading.

Assistant US attorney Antonia Apps wrote that the financial penalty was an appropriate punishment for the criminal conduct at SAC Capital.

"Eight employees have been convicted of insider trading — and [the penalty] provides a strong message of deterrence to other institutions," he said.

Judge Laura Taylor Swain will sentence the Connecticu- based firm and three related entities after they pleaded guilty to wire fraud and security fraud.

The defendants said they were "deeply remorseful".

In February, former SAC portfolio manager Mathew Martoma was found guilty of involvement in what prosecutors labelled the most lucrative insider trading scheme in American history.

Mortoma was convicted on all three conspiracy fraud charges, which bagged the fund $275m.

SAC Capital had agreed to plead guilty in November to insider trading allegations and agreed then to pay the $1.8bn (£1bn, €1.3bn) settlement.