Charges expected today against SAC Capital: Source

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SAC Capital, the hedge fund run by billionaire Steven A. Cohen that has been in the crosshairs of an insider trading investigation, is expected to be charged today by authorities, a person familiar with the matter has told CNBC.

However, the firm's founder is not a target of today's action, this person added.

Thursday's action is the culmination of months of probing of SAC by the Federal Bureau of Investigations and prosecutors which have roiled the firm.

The charges are expected to be announced at 1 p.m. ET.

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