Federal prosecutors have dropped charges against Michael Steinberg (and six others) following his 2013 conviction for insider trading.
Michael Steingberg, a former fund manager at SAC Capital Advisors LP, was convicted by a jury of his peers for his role in a perceived insider trading case where he was accused of scheme that pocketed over $1.8 million in ill-gotten gains through the trading of tech stocks.
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Michael Steinberg was the longest-serving employee at SAC Capital Advisors accused of wrong-doing. An additional six people who pleaded guilty and cooperated with prosecutors were also “exonerated” today.
The about face from prosecutors came after the Supreme Court refused to review an appeals-court ruling that made similar prosecutions considerably more difficult. That case was As a result of the ruling, Steinberg will, presumably, close an ugly chapter in his life after 3 1/2 years.
“Based on legal developments subsequent to the defendant’s guilty plea, the government has concluded that further prosecution would not be in the interests of justice,” prosecutors wrote in memo to U.S. District Judge Richard Sullivan in Manhattan.