SAC Capital portfolio manager arrested in NYC

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Associated Press

Posted on March 29, 2013 at 10:01 AM

Updated Friday, Mar 29 at 11:02 AM

NEW YORK (AP) — A portfolio manager for the hedge fund operator SAC Capital Advisors has been arrested in New York City as part of a federal insider trading investigation.

The FBI says Michael Steinberg was arrested at 6 a.m. Friday at his home. It declined to specify the charges.

His attorney says in a statement that Steinberg "did absolutely nothing wrong."

Attorney Barry H. Berke says Steinberg was "caught in the crossfire of aggressive investigations" into other people's activities.

At least four other people associated with the Stamford, Conn.-based firm have been arrested over a period of about four years.

On March 15, the Securities and Exchange Commission said that two affiliates of SAC Capital Advisors would pay more than $614 million in what federal regulators called the largest insider trading settlement ever. The settlement is subject to court approval.

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