Article Excerpt
SAC Capital Advisors Trader Charged With Fraud
BY MICHAEL ROTHFELD, JENNY STRASBURG AND CHAD BRAY
Federal authorities, deepening a criminal insider-trading investigation, continued to work their way up the ranks at SAC Capital Advisors LP.
Early Friday morning, Federal Bureau of Investigation agents arrested a longtime SAC Capital portfolio manager on insider-trading charges, making him the most senior employee of one of the nation’s most prominent hedge funds to be snared in the government’s sprawling probe.
Michael Steinberg, 40 years old, was led out of his building on New York’s Park Avenue in handcuffs around 6 a.m. Mr. Steinberg has worked at Stamford, Conn.-based SAC since 1997 and at its Sigma Capital Management unit in …
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