In Pictures: SAC Capital fund manager charged in insider trading case
Michael Steinberg, a portfolio manager at Steve Cohen's $15-billion SAC Capital Advisors, was arrested by the Federal Bureau of Investigation at his home in New York City early Friday morning in connection with a long-running insider trading investigation of the hedge fund, a FBI spokesman said.
Mr. Steinberg, a portfolio manager at Steve Cohen's $15-billion SAC Capital Advisors, leaves Manhattan Federal Court in New York March 29, 2013. He was arrested by the Federal Bureau of Investigation at his home in New York City early Friday morning in connection with a long-running insider trading investigation of the hedge fund, a FBI spokesman said.EDUARDO MUNOZ/Reuters
Federal prosecutors are charging Mr. Steinberg, 40, with using inside information to make trades in shares of Dell Inc. and chipmaker Nvidia Corp. that generated about $1.4-million in illegal profits for Cohen’s hedge fund.EDUARDO MUNOZ/Reuters
The arrest comes two weeks after SAC agreed to pay a record $616-million to the SEC to settle civil charges of insider trading. SAC neither admitted nor denied wrongdoing at that time. As part of that settlement, SAC Capital agreed to pay $14-million to settle charges of improper trading in Dell.EDUARDO MUNOZ/Reuters