{"id":1362,"date":"2013-12-23T11:13:07","date_gmt":"2013-12-23T11:13:07","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/12\/exsac_capital_manager_stenberg"},"modified":"2022-03-11T08:55:00","modified_gmt":"2022-03-11T14:55:00","slug":"exsac-capital-manager-stenberg","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exsac-capital-manager-stenberg\/","title":{"rendered":"Ex-SAC Capital Manager Steinberg is Convicted of Securities Fraud & Insider Trading"},"content":{"rendered":"

\t\t\t\tA federal jury has convicted former SAC Capital<\/a> portfolio manager Michael Steinberg for insider trading, conspiracy, and securities fraud<\/a>. Prosecutors contend that he traded on confidential information that he received from another employee. <\/p>\n

Steinberg is one of eight employees at the hedge fund’s Sigma Capital Management division charged with insider trading <\/a>and the first to go to trial. Six of the others pleaded guilty, including SAC analyst Jon Horvath, who prosecutors said is the one that gave Steinberg the nonpublic information. Horvath, who turned witness for the prosecution, has admitted to exchanging illegal tips with people at different firms. He said that Steinberg pressured him to provide “proprietary” information about technology stocks. <\/p>\n

Steinberg is accused of making a number of trades, including ones before Dell’s earnings report in August 2008 went out. He reportedly netted $1 million in trades from this after he started shorting the computer company’s stock following a tip that Dell’s gross margins would fall short of Wall Street’s expectations. Similar tips that Steinberg received about Nvidia reportedly netted the hedge fund over $400,000.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A federal jury has convicted former SAC Capital portfolio manager Michael Steinberg for insider trading, conspiracy, and securities fraud. Prosecutors contend that he traded on confidential information that he received from another employee. Steinberg is one of eight employees at the hedge fund’s Sigma Capital Management division charged with insider trading and the first to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811,3741],"tags":[],"class_list":["post-1362","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-securities-fraud"],"yoast_head":"\nEx-SAC Capital Manager Steinberg is Convicted of Securities Fraud & Insider Trading — Investor Lawyers Blog — December 23, 2013<\/title>\n<meta name=\"description\" content=\"A federal jury has convicted former SAC Capital portfolio manager Michael Steinberg for insider trading, conspiracy, and securities fraud. 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