Convicted Insider Trader Already Gearing Up To Be A Hedge Fund Manager Again
Last December, SAC Capital portfolio manager Mike Steinberg was found guilty on one court of conspiracy and four counts of securities fraud. In May, he was sentenced to 3.5 years in prison, despite asking for leniency on account of the fact that he once raised money for a friend’s organ transplant with a bake sale. So, you might expect a guy in his position to be feeling pretty glum these days and pretty pessimistic about his prospects, particularly those of the professional variety. Yet, on the contrary, Steinberg is actually exhibiting signs of a man not just walking on sunshine but downright bullish about his career trajectory. In addition to appealing his sentence, the ex-SAC manager is already making plans to dive back into the investing game, ASAP.
The U.S. Securities and Exchange Commission on Wednesday granted former SAC Capital Advisors LP trader Michael Steinberg’s request to hear his appeal of an in-house judge’s decision to ban him from the securities industry following his insider trading conviction last year. The short order gave Steinberg, who once was seen as a key lieutenant to SAC founder Steven A. Cohen, a month to file a brief in support of his petition for review, which in turn will be followed by the agency’s brief in opposition, a commission official wrote…Steinberg’s appeal is over an October initial decision by SEC Administrative Law Judge Brenda P. Murray, who ordered Steinberg banned from the securities industry. It also comes as Steinberg looks to shake the three-and-a-half year prison sentence he received in March after a jury convicted him of trading Dell Inc. and Nvidia Corp. stock on inside information. Steinberg remains free on bail pending his appeal.
Look for his Craiglist ad for an executive assistant in the coming weeks and if you’ve got any old desks and chairs you’re looking to offload, get in touch (he’s presumably already secured office space). Prospective investors? Get your checkbooks ready. A brochure on investment strategy should land in your mailbox any day now.