01/08/2016 13:40 EST | Updated 01/08/2017 00:12 EST

Billionaire hedge-fund manager Steven Cohen barred from managing investor funds for 2 years in SEC settlement

WASHINGTON — Steven A. Cohen will be barred for two years from managing the money of others as part of a civil settlement with federal regulators who accused the billionaire hedge-fund manager of failing to prevent insider trading at his firm, SAC Capital Advisors.

The Securities and Exchange Commission announced the settlement of the long-running case on Friday. He wasn't fined under the agreement, and neither admitted nor denied the SEC's allegations. SAC Capital agreed in 2013 to plead guilty to criminal fraud charges and to pay $1.8 billion.

Federal prosecutors had accused SAC, one of the biggest and most successful hedge funds, of engaging in illegal insider trading on an epic scale while its founder and owner Cohen enabled the misconduct.

Marcy Gordon, The Associated Press

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