Ken fre conference, kate . Were waiting for the start of this slated 1 00 press conference with Preet Bharara. Tough terms coming out of his office from the settlement reached. 1. 8 billion fine related to Insider Trading as well as the surrender of their license. Their ability essentially to manage outside money. They will become a Family Office shortly after the settlement is approved by judges. They have pled guilty to five counts against them, one of wire fraud, four of securities fraud and well hear more detail im sure on what they admitted to in terms of Insider Trading and perhaps not best supervising their employees. In a letter to the judges today two judges who need to approve this settlement in order for it to be set in stone, bharara said considering all things the depth and breadth of the wrongdoing here he thought these penalties were steep but fair. Interesting but lotough languag out of his office. He has amassed a track record of Insider Trading convictions and cases.
Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the New York