S.A.C. Capital Advisors

SAC Capital Advisors was a group of hedge funds founded by Steven A. Cohen in 1992. The firm employed approximately 800 people in 2010 across its offices located in Stamford, Connecticut and New York City, and various offices. It reportedly lost many of its traders in the wake of various investigations by the Securities and Exchange Commission (SEC). In 2010, the SEC opened an insider trading investigation of SAC and in 2013 several former employees were indicted by the U.S. Department of Justice. In November 2013, the firm itself pleaded guilty to insider trading charges and paid $1.2 billion in penalties (in addition to $616 million already paid to the SEC). The firm shrank after returning the vast majority of its outside investor capital (i.e., not controlled by Steven Cohen personally). Point72 Asset Management was established as a separate family office in 2014. SAC ceased to exist as a separate entity in 2016.