Prosecutors give SAC Settlement Ultimatum (Fund News)
FT reports that US prosecutors have given SAC Capital until November to resolve criminal charges against the hedge fund founded by Steven Cohen or risk paying more than the $1.8bn offer on the table, according to people familiar with the matter.
Ex-Sentinel Management trader pleads guilty in fraud (Fund News)
Bloomberg reports that former Sentinel Management Group Inc. portfolio manager Charles K. Mosley pleaded guilty to two counts of investment-adviser fraud before a federal judge in Chicago and faces as long as 10 years in prison.
FX Concepts Considers Closing Flagship Fund to Stay Afloat (Fund News)
Reuters reports that FX Concepts, once the world's largest currency hedge fund, is examining several options to stay afloat, including closing its main fund after a flood of withdrawals left overall assets at a fraction of the $14 billion peak, according to the firm's chief strategist.