On July 25, 2013, the U.S. Department of Justice unsealed a 41-page indictment against CR Intrinsic Investors, LLC, Sigma Capital Management, LLC, S.A.C. Capital Advisors, LLC and S.A.C. Capital Advisors, L.P. (SAC Entities), charging them with four counts of securities fraud and one count of wire fraud in connection with alleged employee insider trading activity.  Among other things, the indictment alleges that employee insider trading activity was made possible by “institutional practices that encouraged the widespread solicitation and use of illegal inside information,” painting a dreary picture of the firm’s hiring practices and compliance culture in the process.  This article describes the factual allegations (including a description of alleged institutional practices), charges levied against the SAC Entities and relief sought.