SAC top portfolio manager found guilty on 5 counts of insider trading
December 20, 2013, 12:09 am TWN
NEW YORK--Michael Steinberg, a top portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, was found guilty on Wednesday on charges that he traded on insider information.
A federal jury in Manhattan found Steinberg, 41, guilty on all five counts of conspiracy and securities fraud that he faced. Prosecutors said he traded on confidential information that was passed to him by an SAC analyst, who later admitted to swapping illegal tips with friends at other firms.
The verdict, delivered in the fifth week of his trial, was the latest victory for federal prosecutors in New York in their four-year crackdown on Wall Street insider trading that has resulted in convictions of 77 people and no trial losses.