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  • en_credible en_credible Mar 29, 2013 4:00 PM Flag

    Cohen Top Manager ARRESTED !


    More trouble for Cohen's SAC Capital as Steinberg indicted in NY
    ReutersReuters – 1 hour 19 minutes ago March 29
    By Nate Raymond and Matthew Goldstein

    (Reuters) - U.S. prosecutors on Friday charged Michael Steinberg, a veteran portfolio manager at Steven A. Cohen's hedge fund, with insider trading in two technology stocks, the most senior SAC Capital Advisors' employee to be indicted in the government's long-running probe.

    FBI agents arrested Steinberg at his Park Avenue home in New York City at around 6 a.m. EDT (1000 GMT). Steinberg, wearing a blue sweater, pleaded "not guilty" to charges of securities fraud and conspiracy to commit securities when he appeared at a late morning arraignment.

    The five-count indictment charges Steinberg, 40, with using inside information to trade shares of computer maker Dell Inc and chipmaker Nvidia Corp in 2008 and 2009 that generated about $1.4 million in illegal profits for Cohen's $15 billion hedge fund.

    In a related civil complaint against Steinberg, the U.S. Securities and Exchange Commission said the information allowed Steinberg to generate $6.4 million in profits and avoided losses for the hedge fund.

    Barry Berke, Steinberg's lawyer, said in a statement that his client had done "absolutely nothing wrong" and his "trading decisions were based on detailed analysis."

    The charges come after a tumultuous six months for Cohen, one of the most successful hedge fund traders. It began with last November's arrest of former SAC portfolio manager Mathew Martoma in what prosecutors had described as the largest U.S. insider-trading case.

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