SAC Capital’s Steinberg Guilty Of Insider Trading

SAC Capital’s top portfolio manager Michael Steinberg was convicted on Wednesday of insider trading charges. Steinberg was convicted of conspiracy and securities fraud after a five-week trial in Manhattan federal court. Federal jury found Steinberg guilty A federal jury in Manhattan found Steinberg guilty on all five counts of conspiracy and securities fraud that he faced. Prosecutors said Steinberg traded on confidential information that was passed to him by an SAC analyst, who later admitted to swapping illegal tips with friends at other firms. The verdict was the latest victory for federal prosecutors in New York in their four-year crackdown…