FBI agents arrested a high profile trader from SAC Capital on Friday, as part of an investigation into insider trading.
NEW YORK (CNNMoney)
Michael Steinberg, a portfolio manager at SAC Capital, was arrested following an investigation of insider trading, according to an FBI spokesman. The spokesman did not specify the charges against Steinberg, saying that there will be a formal announcement later in the day.
Steinberg was arrested at 6 a.m. at his Manhattan residence.
"Michael Steinberg did absolutely nothing wrong," his lawyer, Barry Berke, said in an e-mail to CNNMoney. "At all times, his trading decisions were based on detailed analysis as well as information that he understood had been properly obtained through the types of channels that institutional investors rely upon on a daily basis."
"Caught in the crossfire of aggressive investigations of others, there is no basis for even the slightest blemish on his spotless reputation," Berke added.
Related: SAC Capital pays $614 million for insider trading
The arrest follows on the heels of a settlement, reached earlier this month, between SAC Capital and the Securities and Exchange Commission, the largest settlement in SEC history.
On March 15, two units of hedge fund SAC Capital agreed to pay $614 million to the SEC to settle charges of insider trading.
Cohen, the founder of SAC Capital, was not been charged, though federal investigators have been circling him for months, sniffing around for signs of insider trading and making peripheral strikes on his employees.
First Published: March 29, 2013: 8:15 AM ET
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