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SAC’s Steinberg Arrested as Probe Gets Closer to Cohen

SAC Capital Advisors LP fund manager Michael Steinberg was arrested by FBI agents as the U.S. government’s wide-ranging probe of insider trading at the $15 billion firm got one step closer to founder Steven A. Cohen.

Steinberg, 40, worked at SAC’s Sigma Capital Management unit and is the most senior SAC official to be charged. He was one of 15 portfolio managers handling technology, media and telecommunications stocks before being placed on leave in September, said a person with knowledge of the matter. His lawyer, Barry Berke, said his client did nothing wrong and will appear in New York federal court later today….”

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