S.A.C. Capital Advisors, L.P., (often written as "SAC" but with each letter pronounced separately) was, as of mid-2013, a group of hedge funds founded by Steven A. Cohen in 1992. The firm employed approximately 800 people in 2010 across its offices located in Stamford, Connecticut, New York City and various international satellite offices but has reportedly lost many of its traders in the wake of various investigations by the SEC. In 2010, the SEC opened an insider trading investigation of SAC and in 2013 several former employees were indicted by the U.S. Department of Justice. In November 2013, the firm itself pled guilty to insider trading charges and paid $1.2 billion in penalties, although no formal charges have been filed against Mr. Cohen himself. As of early 2014, the firm has shrunk after returning the vast majority of its outside (i.e. not controlled by Steven Cohen personally) investor capital. The limited partnership. SAC Capital Advisors L.P., may close completely, although Steven Cohen will reportedly retain much of the infrastructure in order to manage his vast personal wealth.