Monday, May 6, 2013

Insider-trading trial of SAC Capital's Steinberg to start

From Reuters UK: A federal judge has set November 18 for the start of the criminal trial of Michael Steinberg, the most senior employee of Steven A. Cohen's hedge fund SAC Capital Advisors to be indicted for insider trading.

Steinberg pleaded not guilty on March 29 to five counts of conspiracy and securities fraud for allegedly trading on shares of computer company Dell and chipmaker Nvidia  in 2008 and 2009 based on inside information.  The tips netted $1.4 million in illegal profits for Cohen's $15 billion hedge fund, prosecutors said. A related U.S. Securities and Exchange Commission complaint said Steinberg generated $6.4 million in profits and avoided losses for SAC Capital….

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