SAC Manager Guilty as Insider Focus Turns to Martoma
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SAC Capital Advisors LP’s Michael Steinberg became the fund’s longest-serving manager to be convicted of insider trading in a U.S. victory that may increase pressure on his accused one-time colleague, Mathew Martoma, to cooperate in the probe of founder Steven A. Cohen.
Steinberg, 41, was convicted yesterday of conspiracy and securities fraud after a five-week trial in Manhattan federal court. A jury, after deliberating for little more than one day, found him guilty of using illegal tips on technology stocks provided by his former securities analyst, Jon Horvath, to reap more than $1.4 million in illicit profits.