According to Bloomberg SAC Capital Advisors LP fund manager
Michael Steinberg was described by a federal prosecutor as an unindicted
co-conspirator in the insider-trading scheme that involved his former analyst....
Assistant U.S. Attorney Antonia Apps in Manhattan made the
allegation yesterday at a hearing outside the jury’s presence at the trial of
Todd Newman, a former portfolio manager at Stamford, Connecticut-based
Diamondback Capital Management LLC, and Anthony Chiasson, co-founder of Level
Global Investors LP. The U.S. says Newman and Chiasson made trades based on
illegal tips obtained from company insiders and provided by analysts who worked
for them.
Apps told U.S. District Judge Richard Sullivan the
government was seeking to show jurors e-mails involving Steinberg when Newman’s
lawyer objected, arguing that prosecutors failed to prove that Steinberg was a
member of the conspiracy or show any evidence proving that Steinberg knew that
information he had received about Dell wasn’t public.....
Wait, wait, there’s more at http://www.bloomberg.com/news/2012-12-06/ex-sac-steinberg-is-unindicted-co-conspirator-u-s-says.html
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