The US Attorney for the Southern District of New York, Preet Bharara, is announcing criminal charges against SAC Capital. The press conference started recently and we have some coverage below. You can watch live footage of SAC Capital Advisors being indicted on criminal charges and what they are being charged for. Also see below video for some more recent coverage on SAC Capital Advisors.

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SAC Capital Advisors live coverage,  Preet Bharara announces charges

Further details on SAC Capital Advisors below

n the 41-page indictment, prosecutors charged SAC Capital Advisors and its subsidiaries with carrying out a broad insider trading scheme between 1999 and 2010.

Due to the broader collateral damage that could be inflicted, financial institutions are rarely indicted.

According to the 41-page indictment, as a result of committing the alleged offenses, SAC Capital and the other defendants shall forfeit to the United States, all property, real and personal, which constitutes or is derived from proceeds traceable to the commission of those offenses.

Following the insider trading charges, some investors became jittery and withdrawn about $5 billion from the hedge fund. As of May, SAC Capital managed about $14.5 billion of which Steven Cohen has about $7.5 billion in SAC funds while employees hold $1.5 billion of assets.

Ben Protess and Peter Lattman of Dealbook feel the withdrawal could steam in the wake of today’s indictment. Further, the SAC may attempt to assuage concerns from Goldman Sachs Group, Inc. (NYSE:GS) and other large banks that trade with SAC and finance its operations.

Some legal experts opine an indictment could trigger default provisions in the fund’s agreement with its trading partners. This would force the brokerage firms to stop business dealing with the fund.

Some feel Steve Cohen could shut down SAC and start a ‘family office’—though such an option could be hampered due to an accusation last week from the Securities Exchange Commission that Cohen failed to supervise employees. This could result in the SEC banning Steve Cohen for life.