Steven Cohen

John Gapper

The criminal indictment of SAC Capital, the hedge fund founded and run by Steve Cohen, left, is a seminal moment on Wall Street. It is also a relief that prosecutors and the Securities and Exchange Commission have not backed down.

It looked dicey for a while, after SAC reached one of its infuriating “neither admit nor deny” civil settlements with the SEC on insider trading charges. The distinctive feature was that SAC paid $616m to settle, which a judge described as “counterintuitive and incongruous.”