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SAC Capital employee gets 3½ years in prison

May 16, 2014
Associated Press

NEW YORK (AP) — A portfolio manager for one of the nation's largest hedge funds has been sentenced to 3½ years in prison for his insider trading conviction.

Federal Judge Richard Sullivan in Manhattan cited Michael Steinberg's overall good character at the sentencing Friday.

Steinberg was convicted in December of five conspiracy and securities fraud charges.

The Manhattan resident was convicted of trading illegally in two technology stocks in 2009 and 2009. At the time, he worked for the Stamford, Connecticut-based SAC Capital Advisors.

The company was founded by billionaire businessman Steven A. Cohen.

Cohen has not been charged criminally, but faces civil claims.

SAC Capital agreed last year to pay a record $1.8 billion to settle civil and criminal insider trading charges.

Steinberg did not speak at sentencing because of a pending appeal.

 
 

 

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