NEW YORK (AP) — A senior portfolio manager for one of the nation’s largest hedge funds was arrested Friday, accused of joining an insider trading conspiracy that the government said made more than $6 million illegally for the powerhouse investment company founded by billionaire businessman Steven A. Cohen.
Michael Steinberg, 41, pleaded not guilty Friday, hours after he was arrested at his Manhattan apartment on insider trading charges lodged in an indictment unsealed in U.S. District Court in New York City. The senior portfolio manager, who has worked more than 15 years at SAC Capital Advisors and its Sigma Capital Management unit, was released on $3 million bail. Assistant U.S. Attorney Antonia Apps told Judge Richard Sullivan that Steinberg made no statements to authorities after his arrest.
