Wall Street portfolio manager accused of insider trading

March 29, 2013 5:03:40 AM PDT
A Wall Street portfolio manager was arrested Friday morning by federal authorities probing the dealings of one of the nation's most prominent hedge funds.

Authorities say 40-year-old Michael Steinberg was taken into custody on insider trading charges.

He worked at SAC Capital Advisors, based in Stamford, and worked closely with its founder Steven Cohen.

Federal prosecutors are probing SAC Capital Advisors, which recently paid a record $616 million civil penalty to settle two insider-trading lawsuits brought by the SEC.

Cohen hasn't been accused of wrongdoing.