Tuesday, March 19, 2013

Is SAC’s Michael Steinberg about to be criminally charged?

From FierceFinance: For months now, federal prosecutors have been weighing whether to bring criminal charges against Michael Steinberg, a former technology portfolio manager with SAC Capital's Sigma Capital division and confidante of Steve Cohen. He has long been thought to be the ultimate prize in the insider trading investigations.

Steinberg had been named previously by prosecutors as an unindicted co-conspirator in a criminal prosecution involving convicted hedge fund traders, Todd Newman and Anthony Chiasson. Any charges would likely involve trading in Dell, as evidence in trials made clear that Steinberg and his colleagues discussing Dell's earnings performance before they were publicly released. Trading in Nvidia may also be included….

Read all about it at http://www.fiercefinance.com/story/michael-steinberg-about-be-criminally-charged/2013-03-18

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