Cramer: SAC Capital playing you for a dope?

(Click for video linked to a searchable transcript of this Mad Money segment)

The indictment of SAC Capital is generating ripples across Wall Street. Cramer doesn't like it - not one bit.

SAC, a hedge fund operated by billionaire investor Steven A. Cohen has been indicted on criminal charges for its role in insider trading, allegedly carried out from 1999 through at least 2010.

According to prosecutors, money managers as well as others at the firm "engaged in a pattern of obtaining inside information from dozens of publicly traded companies across multiple industry sectors."

The Mad Money host said some of those publicly traded companies included NVIDIA, Dell, Intel, Cisco, Cypress Semi, Broadcom, Yahoo, Microsoft, BlackBerry (at the time Research in Motion) and AMD.

"In my view, the indictment means that if you were buying or selling those stocks, you were an uninformed dope next to the guys at SAC," Cramer said.

In essence those big money pros were playing you.

Although prosecutors are seeking to recover some of the alleged ill-gotten gains, that does nothing for individual investors who traded the market in good faith, yet at a disadvantage.

And that makes Cramer angry.

Scott Eells | Bloomberg | Getty Images

He believes every investor should have the same advantages and disadvantages in the market and for quite some time he's urged regulators to do whatever is necessary to level the field.

Of course the Mad Money host also believes innocent until proven guilty. Cohen was not charged individually and Jim Cramer urges investors not to jump to any rash conclusion until Cohen says more.

Already in a statement, SAC said it "has never encouraged, promoted or tolerated insider trading and takes its compliance and management obligations seriously."

SAC also said, "The handful of men who admit they broke the law does not reflect the honesty,integrity and character of the thousands of men and women who have worked atSAC over the past 21 years. We will continue to operate as we work through these matters."

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It could take months if not years before the situation achieves an ultimate resolution. However, in the meantime, Cramer hopes other money managers who may be engaged in similar types of activities will take heed.

"If you're trying to get an illegal edge, beware," Cramer said. "The next indictment might very well have your name on it."

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