SAC Capital's Steinberg indicted on insider trading charges

NEW YORK, March 29 Fri Mar 29, 2013 10:07am EDT

NEW YORK, March 29 (Reuters) - Michael Steinberg, a portfolio manager at Steven A. Cohen's $15 billion hedge fund SAC Capital Advisors, was indicted Friday as part of a long-running insider-trading investigation.

Steinberg, 40, was indicted on one count of conspiracy to commit securities fraud and four counts of securities fraud. The indictment accused Steinberg of executing trades in shares of Dell Inc and Nvidia Corp based on non-public inside information.

Steinberg was arrested Friday morning, an FBI spokesman said. The U.S. Securities and Exchange Commission separately Friday filed a civil lawsuit against Steinberg.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.