FBI: Former SAC Capital trader Steinberg arrested

Mar 29, 2013, 8:03 AM EDT

Michael Steinberg, a former portfolio manager at SAC Capital Advisors, was arrested by the Federal Bureau of Investigation at his residence in New York City early Friday morning in connection with an insider trading investigation, a FBI spokesman said. Federal prosecutors were said close to indicting Steinberg on charges that he traded on inside information on Dell stock, Reuters reports.

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