The FBI arrested Michael Steinberg, a senior portfolio at SAC - the highly reputable and now highly controversial fund of billionaire Steven Cohen. This might be a major development in taking down Steven Cohen, who some say is the ultimate target of the SEC. The timing of the arrest comes right after Mr. Steinberg got back from a vacation in Florida with his family, who are still in Florida and were not present when arrested at his apartment in New York.
The article details Mr. Steinberg's affiliation with another SAC employee who was arrested for similar charges.
Link: http://dealbook.nytimes.com/2013/03/29/sac-capital-manager-arrested-on-insider-trading-charges/?ref=business
1 comment:
I have to suspect that there is a lot more insider trading happening on wall street than the number of prosecutions suggest and I certainly think there needs to be repercussions for the insiders' actions. However, a few insiders trading on non-public information generally won't move stock prices significantly.
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