Trial date set for SAC Capital portfolio manager

NY judge sets November trial date for SAC Capital portfolio manager accused of insider trading

Associated Press

NEW YORK (AP) -- A judge has set a November date for the insider trading trial of a senior portfolio manager for one of the nation's largest hedge funds.

Judge Richard Sullivan set the Nov. 18 date Friday during a hearing in federal court in Manhattan. Michael Steinberg has pleaded not guilty to charges that he participated in an insider trading scheme that made more than $6 million illegally for the powerhouse investment company founded by billionaire businessman Steven A. Cohen.

Steinberg's lawyer Barry Berke had asked for a trial date next year, saying lawyers had to study millions of pages of documents turned over by federal prosecutors. The judge set the earlier date but said he could delay the trial if lawyers become overwhelmed. If convicted, Steinberg could face 85 years in prison.

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