SAC says did not encourage insider trading, will continue operating


Steven A. Cohen's $15 billion hedge fund SAC Capital Advisors will continue to operate as the firm deals with criminal charges of insider trading, a spokesman for SAC said in a statement.

Spokesman Jonathan Gasthalter said the firm "has never encouraged, promoted or tolerated insider trading and takes its compliance and management obligations seriously."

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The hedge fund was indicted in U.S. District Court in New York on Thursday, but not Cohen personally.

"The handful of men who admit they broke the law does not reflect the honesty, integrity and character of the thousands of men and women who have worked at SAC over the past 21 years. SAC will continue to operate as we work through these matters."

(Reporting By Emily Flitter; Editing by Grant McCool)