The portfolio manager at Steven A. Cohen's hedge fund SAC Capital Advisors, Michael Steinberg, was indicted on as part of a long-running investigation on insider trading.
Steinberg, 40, was charged of four counts of securities fraud and one count of conspiracy to commit securities fraud. He was accused in the indictment for executing trades in shares of Nvidia Corp. and Dell Inc. based on non-public inside information.
A spokesman for the Federal Bureau of Investigation (FBI) said that Steinberg was arrested for the charges. In addition, Steinberg is also facing a civil lawsuit that was filed separately by the U.S. Securities and Exchange Commission.
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