SAC Capital’s Michael Steinberg Convicted in Insider-Trading Case – WSJ.com

A jury found a senior employee of SAC Capital Advisors LP guilty of insider trading, a verdict that deals another blow to the giant hedge fund and its billionaire founder, Steven A. Cohen.

The guilty verdict for Michael Steinberg came after roughly ten hours of deliberation over two days and could send him to prison. More broadly, prosecutors are now armed, for the first time, with validation from a federal jury that they have enough evidence to prove there was insider trading at SAC.

via SAC Capital’s Michael Steinberg Convicted in Insider-Trading Case – WSJ.com