Michael Steinberg Convicted On All Counts

NEW YORK (CBSNewYork/AP) — It was a dramatic end to the insider trading trial of Michael Steinberg.

As WCBS 880’s Irene Cornell reported, just as the Manhattan jury handed its verdict sheet to the judge Wednesday, the former hedge fund manager fainted on the defense table. Judge Richard Sullivan sent the jury back out and called for an ambulance.

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Before the ambulance arrived, however, Steinberg was evaluated by a nurse assigned to the courthouse and his brother, a doctor. Steiberg was sitting up and conscious when he learned the bad news — guilty of all charges.

Steinberg, who worked for SAC Capital Adivors, was accused of using insider trading to boost sagging results in 2007. Steinberg’s case was the first to result from the government’s focus on insider trading at SAC.

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The Stamford, Conn.-based company was founded by billionaire businessman Steven A. Cohen, who hasn’t been charged criminally but faces civil claims. SAC Capital this month agreed to pay a record $1.8 billion to settle civil and criminal insider trading charges.

Defense lawyer Barry Berke has said an analyst who worked for Steinberg framed him to avoid going to prison himself.

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