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Former SAC manager Michael Steinberg found guilty of insider trading

Thursday, December 19, 2013

Komfie Manalo, Opalesque Asia:

A federal jury in Manhattan on Wednesday found that one of the former portfolio managers at SAC Capital Advisors, Michael Steinberg, guilty on five counts of security fraud and conspiracy after less than two days of deliberations, various media reported.

According to PBS.org, Steinberg became the most senior former SAC employee to be found guilty of committing inside trading for profit. The verdict also came after SAC Capital agreed to plead guilty to securities fraud and pay $1.8bn in penalties to settle a sweeping insider trading investigation against the hedge fund firm founded by billionaire Steven A. Cohen.

The jury found the 41-year-old Steinberg guilty of trading stocks using illegally obtained inside information on technology companies Dell and Nvidia that resulted to a $1.4m in profits.

In another report, AP said U.S. District Judge Richard J. Sullivan, who set sentencing for April 25, advised the jury that Steinberg had had a "bit of a dizzy spell" when he noticed that the former SAC official appeared to faint and slumped in his sea......................

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