More On Legal & Compliancefrom The Advisor's Professional Library
- Conducting Due Diligence of Sub-Advisors and Third-Party Advisors Engaging in due-diligence of sub-advisors isnt just a recommended best practice it is part of the fiduciary obligation to a client. An RIA should be extremely reluctant to enter a relationship with a sub-advisor who claims the firms strategy is proprietary.
- Meeting and Exceeding Clients and Regulators’ Expectations Although it can be difficult, there are ways for RIAs to meet or exceed client expectations, increase customer satisfaction, and help firms retain current clients and attract new ones.
NEW YORK (AP) — A not guilty plea has been entered on behalf of a large hedge fund charged in a criminal indictment with letting insider trading occur over a 10-year period.
The plea was entered Friday morning in Manhattan federal court by Peter Nussbaum, longtime general counsel for SAC Capital Advisors. It happened a day after the company was charged with wire and securities fraud.
A prosecutor says the evidence is "voluminous."
Stamford, Conn.-based SAC said in a statement after the charges were announced that it will continue normal operations.
It said it "has never encouraged, promoted or tolerated insider trading and takes its compliance and management obligations seriously."
The company is owned by embattled billionaire Steven A. Cohen. He has not been charged.
Read more about the charges brought against SAC Capital Advisors.