Former SAC fund manager cleared of insider trading claims

Gavel

Michael Steinberg, a former fund manager at SAC Capital Advisors, is free and clear of all allegations that he traded on insider tips after a 3 1/2-year fight with prosecutors and regulators.

Bloomberg News reports that a Manhattan federal judge on Friday granted the dismissal of the U.S. Securities and Exchange Commission’s insider-trading lawsuit against Steinberg following an October decision by federal prosecutors to abandon the criminal case against him.

For Steinberg, who was the longest-serving employee at SAC Capital to be convicted in the U.S. probe of insider trading, the dismissal is the final victory in his years-long battle against the U.S. government. He was found guilty in 2013 of an insider scheme involving tech stocks and sentenced to 3 1/2 years in prison. After a federal appeals court reversed the convictions of two fund managers in a related case, the government in October dropped charges against Steinberg as well as six other men who pleaded guilty and cooperated in the case.

To access the complete Bloomberg News article hit the link below:

SAC’s Steinberg Wins Dismissal of SEC Insider Trading Case

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