From WSJ: Early Friday morning, Federal Bureau of
Investigation agents arrested a longtime SAC Capital portfolio manager on
insider-trading charges, making him the most senior employee of one of the
nation’s most prominent hedge funds to be snared in the government’s sprawling
probe. Michael Steinberg, 40 years old, was led out of his building on New
York’s Park Avenue in handcuffs around 6 a.m. Mr. Steinberg has worked at
Stamford, Conn.-based SAC since 1997 and at its Sigma Capital Management unit
in New York since 2003, dealing closely with SAC’s billionaire founder Steven
A. Cohen.
“Michael Steinberg did absolutely nothing wrong,” his
lawyer, Barry H. Berke, said in a statement Friday. “His trading decisions were
based on detailed analysis” and information “he understood had been properly
obtained through the types of channels that institutional investors rely upon
on a daily basis….”
Wait…wait…there’s more at http://online.wsj.com/article/SB10001424127887324685104578390023688221236.html?mod=WSJ_hpp_LEFTTopStories
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