SAC Capital professional said wanted to make 'big money'

Time And Money

Michael Steinberg is 'successful, steady, serious', said a lawyer for the most senior employee at SAC Capital Advisors to be charged with insider trading.

The New York Times reports that unlike the hard-charging billionaires who rule Wall Street’s top hedge funds, teinberg was a history and philosophy major who started at SAC as a low-level clerk, the lawyer said.

Federal prosecutors, however, view the trader through a darker lens. Steinberg, they said, tapped into a corrupt insider trading conspiracy to make 'big money' for himself. He also, they say, pushed a lower-level employee at SAC to provide 'edgy' and illegal information about technology companies.

Those dueling portrayals of Steinberg, a 41-year-old trader who was among SAC’s earliest employees, emerged on Wednesday from opening arguments in his criminal insider trading trial at Federal District Court in Lower Manhattan. Steinberg is the first SAC employee to stand trial in the government’s decade-long investigation of the hedge fund, which is run by the billionaire stock picker Steven A. Cohen.

Steinberg’s trial, which strikes at the heart of that investigation, is unfolding two weeks after SAC agreed to pay $1.2bn and plead guilty to five counts of insider trading violations.

To access the complete New York Times article hit the link below:

SAC Trader Had 'Secret Pipeline' of Information, Prosecutors Say

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