Ex-SAC Fund Manager Has Insider-Trading Plea Tossed by Judge
- Lee was cited as one of 8 SAC employees who broke the law
- Defense said he remembered trading based on public information
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A former SAC Capital Advisors LP fund manager had his conviction for insider trading tossed out after a judge said current law no longer supports his guilty plea.
Richard S. Lee pleaded guilty in 2013 days before SAC Capital was indicted for orchestrating a massive insider-trading scheme. Lee, who cooperated with prosecutors before seeking to withdraw his plea, was one of at least eight SAC fund managers or analysts who were criminally charged in the government’s yearslong attack on illicit trading.