STAMFORD - A Stamford-based hedge fund owned by an embattled billionaire faces insider-trading charges.

Federal authorities in New York announced criminal charges against SAC Capital Advisors today.

SAC is charged with wire fraud and securities fraud.

The charges come less than a week after owner Steven Cohen was accused of wrongdoing in a civil case brought by the Securities and Exchange Commission.

Authorities say Cohen is not facing charges in the criminal case.