Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, March 29, 2013

Senior SAC Advisor Arrested in Insider Trading Investigation

Federal authorities in Manhattan arrested Michael Steinberg, a portfolio manager at New York-based hedge fund advisory firm Sigma Capital Management, and the SEC brought a separate civil enforcement action against him.  The charges in both actions stem from the investigation into trading on inside information in Dell and Nvidia Corp.  St einberg is the most senior employee in Steven Cohen's hedge fund to be arrested

The SEC alleges that Steinberg's illegal conduct generated more than $6 million in profits and avoided losses. Steinberg received illegal tips from Jon Horvath, an analyst who reported to him at Sigma Capital. Horvath was charged last year among several hedge fund managers and analysts as part of the broader investigation into expert networks and the trading activities of hedge funds.

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