Hedge fund pleads not guilty to charges


July 27, 2013 at 12:00a.m.

Hedge fund pleads not guilty to charges

NEW YORK

Prosecutors said a large volume of evidence including electronic messages, court-ordered wiretaps and consensual recordings is stacked against a Connecticut-based hedge fund that pleaded not guilty Friday to criminal charges accusing it of letting insider trading flourish for more than a decade.

Assistant U.S. Attorney Antonia Apps told a federal judge in Manhattan that investigators had “voluminous” evidence against SAC Capital Advisors, a Stamford, Conn.-based firm owned by billionaire Steven A. Cohen.

She said the evidence included “electronic messages, instant messages, court-ordered wiretaps and consensual recordings.”

Sheen was visible at damaged rig

NEW ORLEANS

Federal authorities say a slight sheen was visible again near a damaged gas-drilling rig that blew wild and burned earlier this week off Louisiana’s coast, but the sheen was quickly dissipating.

The fire went out after the well stopped spewing gas. Authorities believe the well clogged with sand and sediment, choking off the gas late Wednesday.

The Bureau of Safety and Emergency Management said Friday that well operator Walter Oil & Gas may drill a relief well at the site, intercepting the damaged well to secure it with mud and cement.

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .76, 34.16 .22

Avalon Holdings,3.60.00

Clear Channel, .61 28.48 .04

Cortland Bancorp, 9.85.00

Farmers Nat., .126.32 —.16

First Energy, 2.20, 38.91.65

FirstMerit Corp., .64,22.43 —.11

First Niles Financial, .32,8.49.00

First Place Fin., .0023.00

FNB Corp., .48,12.96.07

General Motors,36.67—.41

General Electric, .76,24.65—.04

Motors Liquidation, .0422.00

Huntington Bank, .20, 8.60—.04

JP Morgan Chase, 1.52,56.04—.46

Key Corp, .22,12.40.04

LaFarge, 16.70 .23

Macy’s, 1.00, 48.17.17

Parker Hannifin, 1.80, 102.150002.739998

PNC, 1.76,75.88—.12

RTI Intl. Metals,31.16.23

Simon Prop. Grp.,4.60,164.55.76

Stoneridge 12.14 —.20

United Community Fin. 4.99—.01

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.