SAC Capital Portfolio Manager Arrested For Insider Trading

Law360, New York (March 29, 2013, 1:54 PM EDT) -- A portfolio manager at an SAC Capital Advisors LP unit was arrested Friday and charged with trading on inside information about Dell Inc. and another tech company, expanding the government’s case against the embattled hedge fund.

Michael Steinberg, a portfolio manager at SAC’s Sigma Capital Management LLC, faces five insider-trading related charges for allegedly using confidential information about earnings reports from Dell and Nvidia Corp., a computer hardware company, to make his firm about $1.4 million in profits.

SAC, headed by Wall Street magnate Steven A....
To view the full article, register now.