SAC’s Fund Manager Arrested at 6AM, Pleads Not Guilty

This article was last updated on April 16, 2022

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A portfolio manager, Michael Steinberg, working at SAC Capital Advisors has pleaded not guilty to federal charges in an insider trading probe after being arrested by the FBI at 6 a.m. Friday from his residence in New York City. Steinberg’s attorney alleged in a statement that he “did absolutely nothing wrong.”

Steinberg’s Attorney, Barry H. Berke, claims that his client was only “caught in the crossfire of aggressive investigations” into other people’s activities. A minimum of four other officials associated with the Stamford, Conn.-based firm have already been already arrested over a period of almost four years. The Securities and Exchange Commission issued a statement on March 15, asserting that two affiliates of SAC Capital Advisors will be obligated to pay more than $614-million in what federal regulators called the largest insider trading settlement ever. However, the settlement is subject to court approval.

41-years-old Michael Steinberg was arrested on charges of insider trading pressed in an indictment unsealed in U.S. District Court in New York City. He was scheduled to appear in court on Friday. Berke alleged that his client “did absolutely nothing wrong,” explaining that Mr. Steinberg’s trading decisions were based on detailed analysis along with other information he properly obtained. It was added that the he was “caught in the crossfire of aggressive investigations of others, there is no basis for even the slightest blemish on his spotless reputation.” SAC Capital has mentioned in an official statement, that Mr. Steinberg “has conducted himself professionally and ethically during his long tenure at the firm. We believe him to be a man of integrity.”