SAC’s Steinberg found guilty of insider trading

Michael Steinberg, a top portfolio manager at Steven A. Cohen’s SAC Capital Advisors hedge fund, was found guilty Wednesday on charges that he traded on insider information. A federal jury in Manhattan found Steinberg, 41, guilty on all five charges of conspiracy and securities fraud he faced. The verdict, delivered in the fifth week of trial, marked the latest victory for federal prosecutors in New York in a four-year crackdown on insider trading on Wall Street that has resulted in 77 people being convicted for insider trading offenses.

    

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