SAC Capital trader jailed for insider trading

Lawyer warns hedge funds need better compliance procedures


A US securities lawyer has warned that hedge funds need to have proper procedures in place to stop insider trading, in order to shake off culpability in any legal actions launched by the Securities and Exchange Commission (SEC).

Seth Taube, securities lawyer at New York-based Baker Botts, says the recent jailing of an former SAC Capital trader illustrates that the SEC is "serious" about prosecuting Wall Street for insider trading – often thought to be too difficult to prosecute – adding that "th