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….
No comments:
Post a Comment