Staying in a hotel is boring, but it’s gotta beat a jail cell. Michael Steinberg, a former SAC Capital portfolio manager and top lieutenant to hedge fund honcho Steve Cohen, has been holed up in a New York City hotel to avoid being paraded around in handcuffs, The Post has learned.
Prosecutors with the Manhattan US Attorney’s office are working toward an indictment of Steinberg related to an alleged insider-trading scheme. Steinberg, 40, has been named as an unindicted co-conspirator in recent court documents but has not been charged. Steinberg’s lawyer, Barry Berke, has asked prosecutors that the married father of two be allowed to turn himself in to authorities in the event he is charged rather than risk being arrested in front of his family, according to people close to the case. The feds have so far declined to make the deal…..