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Ex-SAC Capital Portfolio Manager Settles With SEC
Donald Longueuil, a former junior portfolio manager at SAC Capital Advisors LP, has agreed to settle a civil suit filed by the U.S. Securities and Exchange Commission. The charges stem from a government probe into expert network firms.
Longueuil agreed to pay the SEC $353,000 in the settlement. The agreement gives him credit for the larger amount, $1.25 million, that he is required to forfeit to the government as part of the criminal conviction.
Earlier this year, Longueuil was sentenced to 30 months in prison after seperately pleading guilty to criminal charges of conspiracy and securities fraud in a case. [The case also included former SAC portfolio manager Noah Freeman, Samir Barai, founder of Barai Capital Management, and Jason Pflaum, an analyst who worked for Barai.]
All four men pleaded guilty in a U.S. investigation targeting insider trading at hedge funds. The settlement, filed in U.S. District Court in Manhattan today, says that Longueuil is cooperating with the SEC’s investigation. [wsj 9/13/11]
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