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News Summary: Money manager faces trading charges

The Associated Press

INSIDER TRADING CHARGES: A senior portfolio manager for one of the nation's largest hedge funds was arrested Friday, accused of joining an insider trading conspiracy that the government said made more than $6 million illegally for the powerhouse investment company founded by billionaire businessman Steven A. Cohen.

THE TRADER: Michael Steinberg, who has worked more than 15 years at SAC Capital Advisors, pleaded not guilty to the charges only hours after being arrested at his Manhattan apartment. H was released on $3 million bail. SAC Capital said it believed Steinberg "to be a man of integrity."

THE ACCUSER: U.S. Attorney Preet Bharara said that Steinberg "was another Wall Street insider who fed off a corrupt grapevine of proprietary and confidential information cultivated by other professionals who made their own rules to make money."