Michael Steinberg, a top portfolio manager at Steven A. Cohen’s SAC Capital Advisors hedge fund, was found guilty on Wednesday on charges that he traded on insider information. A federal jury in Manhattan found Steinberg, 41, guilty on all five counts of conspiracy and securities fraud that he faced. Prosecutors […]
Tag: Hedge Fund
SAC Shrinks U.S. Stock Holdings by $2 Billion Amid Probe
Billionaire Steven A. Cohen’s SAC Capital Advisors LP, the hedge-fund firm facing federal insider-trading charges and client defections, cut its U.S. stock-listed holdings by about $2 billion in the second quarter. SAC held $16.2 billion of U.S.-listed stocks as of June 30, according to a filing yesterday with the U.S. […]
SAC Capital up 4 percent this year as probe continues
Hedge fund titan Steven A. Cohen’s SAC Capital Advisors has gained about 4 percent this year, beating the industry average at a time the $15 billion fund is still very much in federal investigators’ crosshairs. An investor with the Stamford, Connecticut-based fund said the firm’s flagship portfolio had risen about […]
