Ex-SAC Steinberg Is Unindicted Co-Conspirator, U.S. Says
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SAC Capital Advisors LP fund manager Michael Steinberg was described by a federal prosecutor as an unindicted co-conspirator in the insider-trading scheme that involved his former analyst.
Assistant U.S. Attorney Antonia Apps in Manhattan made the allegation yesterday at a hearing outside the jury’s presence at the trial of Todd Newman, a former portfolio manager at Stamford, Connecticut-based Diamondback Capital Management LLC, and Anthony Chiasson, co-founder of Level Global Investors LP. The U.S. says Newman and Chiasson made trades based on illegal tips obtained from company insiders and provided by analysts who worked for them.