The Teflon Trader slips away again. For those who don’t know, Steve Cohen of SAC Capital, number 36 on Forbes’ Richest Americans list, has been under investigation for a good deal of his career. The suspicion is always the same, insider trading.

And now Cohen’s firm is part of a settlement to pay $600 million in fines imposed by the SEC for insider trading crimes.

The Securities and Exchange Commission today announced that Stamford, Conn.-based hedge fund advisory firm CR Intrinsic Investors has agreed to pay more than $600 million to settle SEC charges that it participated in an insider trading scheme involving a clinical trial for an Alzheimer’s drug being jointly developed by two pharmaceutical companies

The settlement filed today in federal court in Manhattan is the largest ever in an insider trading case, requiring CR Intrinsic — an affiliate of S.A.C. Capital Advisors — to pay $274,972,541 in disgorgement, $51,802,381.22 in prejudgment interest, and a $274,972,541 penalty.

As is customary SAC Capital neither admitted or denied that it had committed the crime it paid out the fine for – giving the firm a nice tax break. A ridiculous Wall Street tradition which facilitated the firm issuing a benign statement as if they forget to properly fill out their paperwork.

“We are happy to put the Elan and Dell matters with the SEC behind us,” SAC said in a statement Friday. “This settlement is a substantial step toward resolving all outstanding regulatory matters and allows the firm to move forward with confidence.  We are committed to continuing to maintain a first-rate compliance effort woven into the fabric of the firm.”

Steve Cohen himself was directly implicated in one of the insider trading scams via email which would seem to be pretty strong evidence. Apparently not. It would not be the first time he escaped charges though this level of publicity may force the Justice Department to take more action, there is no Holder/Breuer “Too Big To Fail” justification here for not prosecuting. But until then Cohen and the SAC Capital crew will continue on remaining free and rich, at least for now.