A hedge fund manager at Steven Cohen’s SAC Capital Advisors
LP is an unindicted co-conspirator in a $62 million insider trading scheme tied
to technology stocks, two people familiar with the matter said.
The role allegedly played by Michael Steinberg emerged in
court papers filed by the U.S. in the securities-fraud case of Jon Horvath, a
former technology analyst at Cohen’s $14 billion hedge fund who Steinberg
supervised. Steinberg, who hasn’t been charged with a crime, is the fifth
person to be tied to insider trading while employed at SAC.
Horvath faces trial Oct. 29 in Manhattan federal court along
with two other portfolio managers for his part in what Manhattan U.S. Attorney
Preet Bharara called a “criminal club:” a conspiracy of hedge fund managers,
co-workers and company insiders who reaped millions of dollars on illegal tips
about Dell Inc. and
Nvidia Corp….
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