• 18 Dec 2013 at 5:57 PM

SAC’s Steinberg Is Going To Prison

This probably does not come as any more of a surprise to him than it does to anybody else, given (a) that prosecutors are batting 1.000 on insider-trading cases these days, and (b) that he passed out as soon as he saw the jury walk into the courtroom.

Michael S. Steinberg, the highest-ranking employee at SAC Capital Advisors to become ensnared in a sweeping insider trading investigation, was found guilty on Wednesday of trading on secrets gleaned from some of the nation’s largest technology companies….

Mr. Steinberg, 41, a husband and father of a young family that lives on the Upper East Side of Manhattan, appeared to faint briefly as the jury filed in to render their verdict.

Judge Richard J. Sullivan sent the jury back to the deliberation room as Mr. Steinberg’s lawyers rubbed his back, his stricken wife looking on from the front row. The judge sent out for some juice and asked Mr. Steinberg if he could stand and walk.

Mr. Steinberg, his face ashen, complied.

“Yeah, I think I’m O.K.,” he said.

And he was, for a few minutes, anyway.

Ex-SAC Trader In Convicted of Insider Trading [DealBook]
SAC’s Steinberg Convicted in Insider-Trading Case [WSJ]

Comments (17)

  1. Posted by Guest | December 18, 2013 at 6:32 PM

    The judge sent for juice? Was it orange juice?

    -Mortimer Duke

  2. Posted by looking for a bargan | December 18, 2013 at 6:55 PM

    Is he selling his penthouse at 885 Park?

  3. Posted by guest | December 18, 2013 at 7:13 PM

    Couple year bid is vacation time. Mike will come out well rested, with an anthropology degree, and a vicious racket ball game. SC will prob make sure the wife's lifestyle is secure.

  4. Posted by Guest | December 18, 2013 at 7:25 PM

    Actually I'm surprised. The govt case seemed flimsy to me. Did Steinberg knowingly trade on insider info? He def didn't ask a lot of questions when handed info by the analyst, but based on my reading of yesterday's WSJ that's not sufficient to convict him. Enlighten me please.

  5. Posted by MJo | December 18, 2013 at 7:37 PM

    I'm guessing a first-year associate was enlisted for direct client contact responsibilities.

  6. Posted by Guest | December 18, 2013 at 8:55 PM

    What? This is a 5 siren event! Bess would have put up the sirens for sure.

  7. Posted by Guest | December 18, 2013 at 8:57 PM

    Deary me. Hell has froxen over in Greenwich. Not sure the Zamboni can smooth this ice out.

  8. Posted by Guest | December 18, 2013 at 9:17 PM

    It is beyond a reasonable doubt that the jury are members of the 99%

  9. Posted by Guest | December 18, 2013 at 9:19 PM

    Juice is electric juice. Judge already administering the sentence.

  10. Posted by Guest | December 18, 2013 at 9:21 PM

    Commutation of sentence > Testifying against Stevie > Wife's secure lifestyle

  11. Posted by guest | December 18, 2013 at 11:09 PM

    ". . .a degree in history and philosophy from the University of Wisconsin."

    Did Cohen really think a Big Ten retard with an "art obsession" was seeing crazy gains sans inside info? Unlikely.

  12. Posted by Bergersteinjew | December 18, 2013 at 11:42 PM

    So this guy is a pussy and a cocksucker? Gonna do well in prison

  13. Posted by Guesticular | December 18, 2013 at 11:44 PM

    Been at some conference dinners with this guy before, major tool

  14. Posted by parvenu | December 19, 2013 at 11:16 AM

    What really turned the tide was Liz Steinberg's friend who wore that Loro Piana wrap with a Verdura cuff. Jury number 3 went ape shit. Conviction was all but assured.

  15. Posted by Guest | December 19, 2013 at 5:10 PM

    "Did Cohen really think a Big Ten retard with an "art obsession" was seeing crazy gains sans inside info? Unlikely. "

    Elitist much? Curious,..is it all Ivy Leaguers or just Ivy Leaguers with Econ or Finance degrees that have the market in Alpha cornered? The dude probably is a tool, but had managed to thrive at SAC for roughly 10 years before he started getting the Dell/Nvidia tips. Think Cohen trusted him just fine in spite of, you know, him being a "Big Ten retard" and all.

    Big Ten guy who's done just fine for himself in the h-fund world thank you very much!

  16. Posted by Joe Legit Trader | December 19, 2013 at 6:45 PM

    Glad to see that you asshole inside trading pricks are getting caught. Steve – you must be sweating out the next trial – Martoma is on the verge of admitting his guilt and cooperating with the government to indict you.

    Martoma – think about your wife and children coming to visit you for years in Federal prison while you could cooperate with the government and get a reduced sentence or no jail time at all. Think about prison and your family pain, or roast in jail while SAC is living in Greenwich and running his multibillion family office.

    Or you cooperate – and SAC gets what he deserves, and you get off as lightly as you can.

  17. Posted by Bored Guest | December 20, 2013 at 10:57 AM

    Methinks the lady doth protest too much…