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SAC Is Sorry It Sort Of Tried To Distance Itself From The Actions Of A Few Rogue Bums

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They may be rogue bums but they're SAC's rogue bums.

SAC Capital Advisors LP, the hedge fund that agreed to plead guilty and pay a record $1.8 billion, changed a press statement after it was told it could be violating the terms of its plea agreement, a person familiar with the matter said. The firm, founded by Steven A. Cohen, said in its initial statement yesterday that “SAC has never encouraged, promoted or tolerated insider trading.” That appeared to contradict the fund’s acceptance of responsibility in the accord reached with federal prosecutors in New York, potentially scuttling the agreement, said the person, who asked not to be identified because the matter wasn’t public. Hours later, that line was deleted in the second statement by the Stamford, Connecticut-based firm. “Even one person crossing the line into illegal behavior is one too many and we greatly regret this conduct occurred,” according to the new statement.

[Bloomberg, earlier]