SAC’s Steinberg Backed as Probe Moves Closer to Cohen
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Steven A. Cohen did something unusual when Michael S. Steinberg was arrested on the morning of March 29 and accused of insider trading at Cohen’s $15 billion hedge fund SAC Capital Advisors LP.
Within an hour of the accusations, SAC issued a statement defending the 16-year veteran of the Stamford, Connecticut-based firm. It was the first time SAC had come out publicly in support of an employee who had been charged in the government’s wide-ranging investigation of insider trading.