U.S. hedge fund defends manager as probe moves closer

From The Toronto Star: Steven Cohen did something unusual when Michael Steinberg was arrested on Friday morning and accused of insider trading at Cohen’s $15 billion (U.S.) hedge fund SAC Capital Advisors.  Within an hour of the accusations, SAC issued a statement defending the 16-year veteran of the Stamford, Conn.-based firm. It was the first time SAC had come out publicly in support of an employee who had been charged in the government’s wide- ranging investigation of insider trading.

SAC is stepping up its public defense as Steinberg’s arrest brings the government’s probe closer to Cohen, its billionaire hedge- fund founder. Steinberg, who turns 41 this week, is the longest- serving SAC employee to be accused of insider trading while at the firm, and one of Cohen’s most trusted managers…

Read all about it at http://www.thestar.com/business/2013/04/01/us_hedge_fund_defends_manager_as_probe_moves_closer_to_founder.html