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Steinberg Shies Away From SAC Capital

Nov 10, 2013
Jing Chen

A former SAC Capital Advisors portfolio manager wants to sever his ties with the hedge fund at his insider trading case later this month.

The New York Post reported that the lawyers of Michael Steinberg, who worked at SAC affiliate Sigma Capital Management, wants to remove references of the manager’s employment at Connecticut-based SAC when the case is introduced to jurors. He is charged with conspiracy and securities fraud tied to trades in technology companies Dell and Nvidia.

Steinberg’s trial will begin on November 18, just weeks after SAC pleaded guilty to insider trading allegations, and ordered to pay a $1.2 billion settlement—one of the largest by a Wall Street firm.

SAC had about $14 billion in total assets under management as of July 1, and is set to transition into a family office.

 

 

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