SAC's Steinberg found guilty of insider trading

Reuters

NEW YORK, Dec 18 (Reuters) - Michael Steinberg, a top portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, was found guilty Wednesday on charges that he traded on insider information.

A federal jury in Manhattan found Steinberg, 41, guilty on all five charges of conspiracy and securities fraud he faced. Prosecutors said he traded on confidential information that was passed to him by an employee, who later admitted to swapping illegal tips with friends at other firms.

The verdict, delivered in the fifth week of trial, marked the latest victory for federal prosecutors in New York in a four-year crackdown on insider trading on Wall Street that has resulted in 77 people being convicted for insider trading offenses.

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