NEW YORK – Michael Steinberg, a portfolio manager at Steven A. Cohen's $15 billion hedge fund SAC Capital Advisors, was indicted Friday as part of a long-running insider-trading investigation.
Steinberg, 40, was indicted on one count of conspiracy to commit securities fraud and four counts of securities fraud. The indictment accused Steinberg of executing trades in shares of Dell Inc and Nvidia Corp based on non-public inside information.
Steinberg was arrested Friday morning, an FBI spokesman said. The U.S. Securities and Exchange Commission separately Friday filed a civil lawsuit against Steinberg.
(Reporting by Nate Raymond in New York; Editing by Maureen Bavdek)