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The SEC on Friday filed civil charges against Steven A. Cohen, the founder of hedge fund SAC Capital Advisors, accusing the billionaire of failing to prevent insider trading.

The charges are part of an ongoing investigation into SAC Capital Advisors, which the government has called one of the biggest insider-trading cases in history. As we reported in March,SAC affiliates agreed to pay $614 million in penalties (although Reuters now puts the figure at $616 million).

The SEC is seeking unspecified fines against the 57-year-old Cohen and wants to bar him from being able to oversee investor funds.

An SAC spokesman says the latest allegations have "no merit" and that Cohen "will fight this charge vigorously."

"Steve Cohen acted appropriately at all times," spokesman Jonathan Gasthalter said in a statement.

Portfolio managers Mathew Martoma and Michael Steinberg have each pleaded not guilty to criminal insider-trading charges. They face trials in November, The Associated Press reports.