SAC's Steinberg Guilty Of Insider Trading

Law360, New York (December 18, 2013, 5:38 PM ET) -- Michael Steinberg, an SAC Capital Advisors LP portfolio manager accused of insider trading in Dell Inc. and Nvidia Corp., was convicted Wednesday, a major win for prosecutors.

A jury in Manhattan federal court returned a verdict Wednesday afternoon, finding Steinberg guilty on all counts. The nine-woman, three-man jury began its deliberations Tuesday morning and had been out for roughly 12 hours total.

Steinberg, an SAC clerk who rose to become one of the company's approximately 80 highly compensated portfolio managers, is the highest-ranked executive at Stamford,...
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