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SAC Capital nears record insider trading settlement: sources

Thursday, 17 Oct 2013 | 2:33 PM ET
SAC moving closer to settlement: CNBC's Kelly
Thursday, 17 Oct 2013 | 2:21 PM ET
CNBC's Kate Kelly reports SAC Capital's Steve Cohen has downsized his own trading book significantly, and the hedge fund is moving closer to a settlement with Justice officials.

Embattled hedge fund SAC Capital is moving close to an agreement with prosecutors to settle insider trading charges for more than $1 billion, sources tell CNBC, which would be the largest ever penalty of its kind.

According to sources familiar with the matter, the settlement could be final by the end of this month. However, SAC is still negotiating with the government over a host of non-financial issues. Meanwhile, founder Steven A. Cohen has scaled down his own trading activities, from $4 billion to near $1 billion currently, sources add.

An SAC spokesman reached by CNBC had no immediate comment.

--reporting by CNBC's Kate Kelly; writing by Javier E. David

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