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]


Maybe this'll come out of archives? Getty Images

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Take note, insider-traders and those who might be accused of it in spite of their innocence: If you wear a wire and you don't have to go to jail. Wesley Wang, the former SAC analyst who helped convict one former boss and is probably helping to build cases against his bosses at SAC and Trellus Management, will get to keep doing so from the comfort of his northern California home.