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Ex-SAC Hedge-Fund Manager Jailed for 42 Months for Insider-Trading

/ Source: CNBC.com
Michael Steinberg, a former portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, was jailed for 42 months for insider-trading.
Michael Steinberg, a former portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, was jailed for 42 months for insider-trading.EDUARDO MUNOZ / Reuters

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Former SAC Capital portfolio manager Michael Steinberg was sentenced to 3-1/2 years in prison on Friday after his late-2013 conviction on insider-trading charges.

He was also hit with a $2 million fine and ordered to forfeit another $365,000.

Steinberg, once of Steven Cohen's SAC Capital Advisors, asked for a two-year sentence.

Prosecutors accused Steinberg of trading on illegal tips about Dell Inc and Nvidia Corp passed to him by an SAC analyst, who admitted to swapping confidential information among a group of analysts at other hedge funds.

SAC has since been renamed Point72 Asset Management.

- CNBC staff

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