SAC Capital Michael Steinberg
SAC Capital's Michael Steinberg Implicated in Probe
SAC Capital has managed to avoid any direct accusations although the hedge fund giant has been smeared by the FBI insider trading probe. Now, the investigation may involve Michael Steinberg, technology manager for a division of SAC Capital. Steinberg has not been accused of any wrongdoing but he is rumored to be the subject of a recent attempt by the FBI to stop insider trading.
One of the big questions in the unfolding "expert network" insider trading scandal is whether SAC Capital is a target. The mighty hedge fund firm run by the feared Steve Cohen has said it doesn't think the investigative activity to date suggests it is a specific target. But that's an assumption. Some people are convinced the firm is in fact a prime target; it would certainly be a massive catch for prosecutors.
The Wall Street Journal added wrinkle by reporting that Michael Steinberg, a technology-fund manager at SAC division Sigma Capital Management, may be in the cross hairs. When John Kinnucan was pressured to wear a wire, he was apparently asked specifically to tape conversations with Steinberg.
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