SAC Capital Money Manager Arrested
March 29, 2013 by UPI - United Press International, Inc.
NEW YORK (UPI) — U.S. authorities said they arrested a SAC Capital Advisors portfolio manager in New York as part of an insider trading investigation.
The arrest of Michael Steinberg at his Park Avenue apartment makes a total of nine SAC employees implicated in the case. Four have entered guilty pleas, The New York Times reported Friday.
Steinberg’s attorney Barry Berke said his client was innocent. Steinberg was caught in the crossfire of aggressive investigations of others,” Berke said.
“There is no basis for even the slightest blemish on his spotless reputation,” Berke said.
However, Jon Horvath, a former employee at the firm who worked for Steinberg, named him as part of an alleged insider-trading ring that involved illegal trades of technology company stock, specifically shares of Dell and Nvidia.
Horvath pleaded guilty and said he passed along confidential business information to Steinberg, who bought and sold stock based on the information.
Two other money managers tied to Horvath and Steinberg have been convicted of insider trading charges in jury trials, the Times reported.