NEW YORK May 16 Michael Steinberg, a portfolio
manager at Steven A. Cohen's SAC Capital Advisors hedge fund,
was sentenced on Friday to 3-1/2 years in prison for insider
The sentence was imposed by U.S. District Judge Richard
Sullivan in Manhattan, five months after a federal jury
convicted Steinberg on securities fraud and conspiracy charges,
in a case stemming from a broad crackdown on insider trading on
Sullivan also ordered Steinberg to pay a $2 million fine and
Prosecutors accused Steinberg of trading on illegal tips
about Dell Inc and Nvidia Corp passed to him by an SAC
analyst, who admitted to swapping confidential information among
a group of analysts at other hedge funds.
SAC has since been renamed Point72 Asset Management.
(Reporting by Nate Raymond in New York, Editing by Franklin