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(Corrects to remove "former" from headline and paragraph 1)
March 29 (Reuters) - Michael Steinberg, a portfolio manager at SAC Capital Advisors, was arrested by the Federal Bureau of Investigation at his residence in New York City early Friday morning in connection with an insider trading investigation, a FBI spokesman said.
Federal prosecutors were close to indicting Steinberg on charges that he traded on inside information on Dell Inc stock, sources close to the matter said on Thursday. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Maureen Bavdek)