SAC Capital Advisors LP, the hedge fund run by Steven A.
Cohen, put portfolio manager Michael Steinberg on leave after he emerged as an
unindicted co- conspirator in a $62 million insider-trading scheme, a person familiar with the matter told the good people at Bloomberg.
Steinberg, 40, was put on leave last week, said the person,
who asked not be be named because the information is private. He has worked at
SAC Capital, which oversees $14 billion, since 1997.
Court documents linked Steinberg to the securities-fraud
case of Jon Horvath, a former SAC Capital technology analyst that he
supervised. While he didn’t name Steinberg, Horvath told a federal judge in New
York during his Sept. 28 plea that he was part of a group of analysts who
passed nonpublic information to each other….
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