SAC’s Steinberg found guilty

Michael Steinberg, a top portfolio manager at Steven A. Cohen’s SAC Capital Advisors hedge fund, was found guilty yesterday of charges that he traded on insider information. A federal jury found Steinberg, 41, guilty on all five counts of conspiracy and securities fraud he faced. Prosecutors said he traded on confidential information that was passed to him by an employee, who later admitted to swapping illegal tips with friends at other firms.