SAC Capital Agrees to Plead Guilty to Insider Trading

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Selection of a 12-member jury from a pool of about 100 people began on Tuesday at the insider trading trial of Michael S. Steinberg, a former SAC Capital Advisors portfolio manager.

Dressed conservatively in a slightly wrinkled gray suit, white shirt and blue tie, the 41-year-old Mr. Steinberg appeared confident as he stood at the defense table, flanked by three of his lawyers, including the lead lawyer, Barry H. Berke. With his hands in his pockets, he swayed from side to side and occasionally flashed a smile as he waited for Judge Richard J. Sullivan to enter the courtroom at the federal courthouse in Lower Manhattan.

The trial of Mr. Steinberg is at the center of a multiyear investigation by the Justice Department into insider trading at SAC Capital. Six of the hedge fund’s traders have pleaded guilty to securities fraud and, nearly two weeks ago, the firm agreed to pay .2 billion and plead guilty to five counts of insider trading violations.

Learn more here http://www.reuters.com/article/2013/11/18/us-sac-steinberg-idUSBRE9AH05E20131118

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“SAC Capital Agrees to Plead Guilty to Insider Trading”