Steinberg, 42, who handled technology, media and telecommunications stocks at SAC Capital’s Sigma Capital Management unit, was the longest-serving employee at the hedge fund convicted in the U.S. probe.
In the hedge fund record books, there will always be doubts about how Steven A. Cohen outperformed rivals for more than 20 years.
Billionaire Steven Cohen’s SAC Capital Advisors LP, the hedge fund firm accused of fostering a culture of rampant insider trading, has agreed to plead guilty to a federal indictment and pay $1.8 billion, the U.S. said.
SAC Capital Advisors LP will plead guilty to securities fraud as soon as today, the biggest hedge-fund firm to resolve charges in the U.S. government’s six-year crackdown on insider trading, according to a person familiar with the matter.
New York Times reports SAC could agree to a possible $1 billion settlement
SAC Capital Advisors LP, the hedge-fund firm that’s facing federal insider-trading charges and a money-laundering lawsuit, shuttered one of its trading units, according to a person with knowledge of the matter.
The probe of SAC Capital Advisors LP, which has led to insider-trading charges against the hedge fund and eight SAC employees, has snared an outside analyst who is accused of giving illegal tips to a former SAC manager.
Insider trading evidence against SAC Capital Advisors LP includes court-authorized wiretaps, a U.S. prosecutor said at the $14 billion hedge fund’s arraignment in federal court in Manhattan.
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In April 2008, three months before drug makers Elan Corp. and Wyeth were scheduled to release results of their Alzheimer’s drug trial, two health-care analysts for hedge-fund manager Steven A. Cohen warned their boss in an e-mail that a doctor, who implied he had seen inside information about the trial, said it wasn’t going well.