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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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SAC Cap's Steinberg Convicted of Insider Trading

Dec 26, 2013
Jing Chen

A jury has convicted former SAC Capital Advisors portfolio manager Michael Steinberg of insider trading.

The Wall Street Journal reported that the guilty verdict for Steinberg came approximately ten hours of deliberation over two days.  The reading of the verdict was temporarily delayed after Steinberg fainted and was escorted from the courtroom to have his blood pressure taken by a paramedic.

Steinberg, who worked at SAC affiliate Sigma Capital Management, was charged earlier this year with conspiracy and securities fraud tied to trades in technology companies Dell and Nvidia.

The U.S. government has been investigating Connecticut- based SAC for a decade. Six former employees of the firm and the firm itself have pleaded guilty to insider trading, but Steinberg's conviction is the first to be handed down at trial.

SAC, which admitted to insider trading in November, was charged with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged SAC founder Steve Cohen for failing to prevent insider trading at his firm.

SAC, which is currently in the midst of transitioning into a family office, had about $14 billion in total assets under management as of July 1.

 

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