{"id":47334,"date":"2015-04-07T08:20:11","date_gmt":"2015-04-07T12:20:11","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=47334"},"modified":"2015-04-07T08:27:00","modified_gmt":"2015-04-07T12:27:00","slug":"stay-lifted-for-hedge-fund-manager-michael-steinberg","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2015\/stay-lifted-for-hedge-fund-manager-michael-steinberg.html","title":{"rendered":"Stay Lifted For Hedge Fund Manager Michael Steinberg"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/04\/OB-WW717_sacjum_DV_20130329195712-199x300.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-47335\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/04\/OB-WW717_sacjum_DV_20130329195712-199x300.jpg\" alt=\"OB-WW717_sacjum_DV_20130329195712-199x300\" width=\"199\" height=\"300\" \/><\/a>New York (HedgeCo.Net) \u2013 A portfolio manager at Steven A. Cohen&#8217;s hedge fund, SAC Capital Advisors, was granted a chance to appeal his conviction for conspiracy and securities fraud charges\u00a0in an insider trading scheme, USA Today reports.<\/p>\n<p>The Judge allowed the former\u00a0finance manager for\u00a0SAC&#8217;s\u00a0<span class=\"highlight-67132\">Steven Cohen<\/span>\u00a0to remain free pending a final ruling on his appeal.<\/p>\n<p>Michael Steinberg was sentenced \u00a0in May, 2014, to three and a half years in prison for his involvement in an insider trading scheme.\u00a0Steinberg was also ordered to pay a $2 million fine and forfeit over $365K in illegal profits.<\/p>\n<p>USA Today reports: &#8220;The U.S. Court of Appeals for the Second Circuit\u00a0lifted a legal stay that had delayed Steinberg&#8217;s appeal pending final disposition of two other insider-trading cases that initially ended in convictions. After overturning those convictions in December \u2014 in a ruling that could make it harder for federal prosecutors to win convictions in insider trading cases \u2014 the appeals court on Friday denied Bharara&#8217;s petition for a rehearing.\u00a0The rejection paved the way for the court&#8217;s one-page Monday order allowing Steinberg&#8217;s appeal to go forward.&#8221;<\/p>\n<p>U.S. Attorney Preet Bharara said he will fight the appeal. &#8220;As alleged, Michael Steinberg was another Wall Street insider who fed off a corrupt grapevine of proprietary and confidential information cultivated by other professionals who made their own rules to make money.&#8221; Bharara said back in April, &#8220;With lightning speed in at least one case, Mr. Steinberg seized on the opportunity to cash in and tried to keep his crime quiet, as charged in the Indictment.&#8221;<\/p>\n<p>Alex Akesson<br \/>\nFor HedgeCo.net<br \/>\nalex@hedgeco.net<br \/>\n<a href=\"http:\/\/www.hedgeco.net\" target=\"_blank\">HedgeCo.Net<\/a> is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) \u2013 A portfolio manager at Steven A. Cohen&#8217;s hedge fund, SAC Capital Advisors, was granted a chance to appeal his conviction for conspiracy and securities fraud charges\u00a0in an insider trading scheme, USA Today reports. The Judge allowed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-47334","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=47334"}],"version-history":[{"count":4,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47334\/revisions"}],"predecessor-version":[{"id":47340,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47334\/revisions\/47340"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=47334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=47334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=47334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}