Anyone with half-a-brain can recognize the di$parities in the dispensation of AmeriKan Justice the$e days:
"SAC portfolio manager arrested" by Peter Lattman | New York Times, March 30, 2013
NEW YORK — An SAC Capital Advisors portfolio manager was arrested by federal agents Friday, becoming the most senior employee at the hedge fund ensnared in the government’s vast insider trading investigation.
Michael Steinberg, 40, was arrested at his Park Avenue apartment early Friday morning and taken out of his building in handcuffs. He has worked for SAC and its owner, the billionaire investor Steven A. Cohen, since 1997 and became one of the firm’s senior portfolio managers, focusing on technology stocks.
Steinberg entered a plea of not guilty in US District Court in Manhattan on Friday and was freed on $3 million bail.
Oh, so he's out the cell.
‘‘Michael Steinberg did absolutely nothing wrong,’’ said Barry H. Berke, a lawyer for Steinberg. ‘‘Caught in the crossfire of aggressive investigations of others, there is no basis for even the slightest blemish on his spotless reputation. Steinberg is thankful for all the people who have continued to stand by him and believe in his innocence.’’
Steinberg had returned Thursday from Florida, where he had been vacationing with his family. He was the only one in the apartment Friday morning, as his wife and children stayed in Florida....
It's not like that for everyone, and maybe I'll get to it someday.
Steinberg’s arrest had widely been expected, and is the latest in a swirl of activity surrounding the government’s investigation of SAC.
If he has done nothing wrong then why was this expected?
Earlier this month, Cohen signed off on two settlements in which the firm agreed to pay federal securities regulators $616 million to resolve two insider trading cases against SAC. On Thursday morning, a federal judge refused to approve the larger of the two settlements, a $602 million pact, raising concerns over a provision that allows SAC to avoid admitting that it did anything wrong.
Yeah, what you are seeing these days is more and more judges reluctant to sign off on fraud settlements where looting scum never admit they did anything wrong. Bad enough it's a chump change fine followed by no jail time, but to not even admit guilt?
The smaller of the settlements, for about $14 million, related to trading by Steinberg and a fellow portfolio manager, Gabe Plotkin, according to people familiar with the case. Plotkin has not been charged with any wrongdoing.
Steinberg’s name first surfaced in the broader inquiry last September when a former SAC analyst who worked under him pleaded guilty to being part of an insider trading ring that illegally traded the technology stocks of Dell Inc. and Nvidia.
As part of his guilty plea, the analyst, Jon Horvath, implicated Steinberg, saying that he gave the confidential information to his SAC boss and that they traded based on the secret financial data about those two companies.
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Related: Slow Saturday Special: SEC $ettles With SAC
Seems to be a pattern with them on this one.
UPDATES:
SAC settlement gets tentative OK
SAC says cooperation ‘no longer unconditional’
"Insider trading inquiry widens at SAC" by Peter Lattman | New York Times, May 24, 2013
Four senior executives of the hedge fund SAC Capital Advisors have received subpoenas to testify before a grand jury as part of the government’s intensifying investigation into insider trading at the firm, according to people briefed on the case.
All four executives were issued subpoenas last week, along with the one served on Steven A. Cohen, the owner of SAC. The executives are Thomas Conheeney, the firm’s president; Solomon Kumin, its chief operating officer; Steven Kessler, chief compliance officer; and Phillip Villhauer, the head of trading.
The fresh round of subpoenas, which also included requests for additional documents and trading records, angered officials at SAC, which had been fully cooperating in the multiyear inquiry. As a result of the government’s new set of demands, the fund decided to take a more combative stance, and on May 17 informed its investors that it was no longer fully cooperating with the investigation.
Lawyers have advised Cohen against testifying before a grand jury and subjecting himself to unlimited questioning on virtually any topic. Instead, he is expected to assert his constitutional right against self-incrimination, lawyers briefed on the case said. Cohen, who last year gave testimony to federal securities regulators as part of a civil insider trading case, has not been accused of any wrongdoing. It was unclear whether Cohen’s executive team would also refuse to testify.
The Wall Street Journal earlier reported the names of the SAC executives.
Prosecutors are pressing their case against SAC after about six years of investigating the firm’s trading practices. The investigation has yielded four guilty pleas from former SAC traders; at least five other former employees have been tied to insider trading while at the firm. Earlier this year, SAC agreed to pay a $616 million penalty to resolve two civil insider trading actions brought against the firm related to questionable trading in pharmaceutical and technology stocks.
The government’s new requests indicated that prosecutors were stepping up their efforts to build a case against the fund itself. Typically, a grand jury hears testimony and reviews evidence before handing up an indictment.
However, the grand jury subpoenas delivered to Cohen and the other four executives suggested that they were not targets of the investigation, as Justice Department guidelines discourage prosecutors from seeking testimony from individuals they are seeking to charge.
The requested testimony, however, could relate to potential charges against the firm connected to trades made in July 2008 in the shares of the drug makers Elan and Wyeth. Prosecutors have already criminally charged Mathew Martoma, a former portfolio manager at SAC, with helping the fund gain profits and avoid losses of $276 million by corrupting a doctor into giving him secret data about clinical trials being conducted by the two companies.
Because of the five-year deadline to file securities fraud charges, prosecutors have until mid-July to bring a case against the firm related to those trades.
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I noticed a certain name missing, didn't you?
