Michael Steinberg was furious after receiving an email in October 2010 from a research consultant he had hired, according to the lawyer for the SAC Capital Advisors LP portfolio manager. In the email, the consultant told his clients that the Federal Bureau of Investigation had contacted him about insider trading. Mr. Steinberg called the consultant and made him cry, according to the lawyer, Barry Berke. Mr. Steinberg was irate about the possibility that the consultant, John Kinnucan, had been feeding him illegal inside tips, Mr. Berke said. “[Mr. Steinberg said] ‘is this inside information you’re giving me?’” Mr. Berke told U.S. District Judge Richard Sullivan on Monday. “And [Mr. Kinnucan] is like ‘no, no, I swear, Mike, it’s not.’”…The content of Mr. Steinberg’s conversation with Mr. Kinnucan came out in another conversation that was recorded at the behest of the FBI. In that one, former SAC analyst Jon Horvath told ex-Level Global Investors LP analyst Spyridon “Sam” Adondakis that his boss, Mr. Steinberg, had ripped into Mr. Kinnucan after receiving the email. Unknown to Mr Horvath at the time, Mr. Adondakis was cooperating with the FBI, according to prosecutors. [WSJ]

Comments (6)

  1. Posted by guest | December 10, 2013 at 4:18 PM

    Those eyebrows make me cry.

  2. Posted by Guest | December 10, 2013 at 4:42 PM

    Tanning bed in his house or uses one at Equinox 3 days a week?

  3. Posted by Turnip Truck | December 10, 2013 at 4:51 PM

    Must've threatened him with a cunt punt.

  4. Posted by St. Copious | December 10, 2013 at 6:04 PM

    Does anyone with a pulse believe that a) Steinberg didn't know damn well all along that the information was inside, or b) his getting irate about it *on the phone* was anything but theatrics in the highly likely case that the line was tapped?
    I mean, come on…

  5. Posted by guest | December 10, 2013 at 6:06 PM

    tough but fair.

  6. Posted by MFIN Grad | December 11, 2013 at 3:39 PM

    1) Knowlingly seek inside information
    2) Explicitly ask "Is this inside information you are giving me?!" to cover your tracks
    3) Get convicted and become Uncle Bernie's bitch
    4) ?????