Hedge fund SAC Capital employee found guilty
NEW YORK (AP) — A portfolio manager for one of the largest U.S. hedge funds who was accused of using insider trading to boost sagging results in 2007 has been found guilty of all charges at a New York City trial.
A jury in federal court in Manhattan issued the verdict for Michael Steinberg on Wednesday.
Steinberg’s case was the first to result from the government’s focus on insider trading at SAC Capital Advisors.
The Stamford, Connecticut-based company was founded by billionaire businessman Steven A. Cohen, who hasn’t been charged criminally but faces civil claims. SAC Capital this month agreed to pay a record $1.8 billion to settle civil and criminal insider trading charges.
Defense lawyer Barry Berke has said an analyst who worked for Steinberg framed him to avoid going to prison himself.