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SAC Capital to be sentenced in $1.8B fraud deal

A New York judge is set to sentence Conn.-based SAC Capital on Thursday after it pleaded guilty to criminal fraud charges in a $1.8 billion deal with the government.

Judge Laura Taylor Swain will sentence SAC Capital and three related entities based on pleas to wire fraud and securities fraud.

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Both sides have asked Swain to follow the terms of the agreement announced in November.

The government said in a presentencing memorandum that the majority of money managed by the defendants during a decade-long fraud that began in 1999 belonged to the hedge fund's owner and founder, Steven A. Cohen. It noted eight employees were convicted of insider trading.

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The corporate defendants say in court papers they are "deeply remorseful" for the misconduct of each individual who broke laws.

By The Associated Press

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