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SAC Hedge Fund Manager Steinberg’s Sentencing Begins

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May 16 (Bloomberg) -- Michael Steinberg, the longest-serving SAC Capital Advisors LP hedge fund manager to be convicted of insider trading, appeared before a judge in New York today to learn his sentence. The hearing has begun in Manhattan federal court with Steinberg facing as long as 6 1/2 years in prison.

U.S. District Judge Richard Sullivan today agreed with the government that the potential sentencing range is between 5 1/4 years and 6 1/2 years in prison.

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To contact the reporter on this story: Patricia Hurtado in Federal Court in Manhattan at

pathurtado@bloomberg.net

To contact the editor responsible for this story: Joe Schneider at jschneider5@bloomberg.net