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Judge in SAC case reserves plea decision until after sentencing report

Steven A. Cohen
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Steven A. Cohen

U.S. District Judge Laura Taylor Swain, who is presiding over the criminal insider trading case against Steven A. Cohen's hedge fund SAC Capital Advisors, said in a court hearing on Friday she would wait to decide whether to accept SAC's guilty plea until after a pre-sentencing report was filed.

Swain's pronouncement came after SAC's general counsel entered a guilty plea to four counts of securities fraud and one count of wire fraud as part of a$1.2 billion settlement deal reached with prosecutors.

Swain scheduled the sentencing hearing for March 14.

—By Reuters

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