FBI Arrests Sigma Capital Portfolio Manager, Michael Steinberg, for Insider Trading; SEC Files Civil Complaint

Michael Steinberg, a portfolio manager at New York-based hedge fund advisory firm Sigma Capital Management, has been charged with using inside information to make trades in shares of Dell Inc. and chipmaker Nvidia Corp. that generated about $1.4 million in illegal profits.

Earlier this month, Sigma Capital and two affiliated hedge funds agreed to a settlement with the SEC for insider trading charges.

See: SEC Complaint and SEC Press Release.Related News: "Hedge Fund Advisory Firm Sigma Capital Management Agrees to Settle Charges of Insider Trading for $14 Million" (March 20, 2013) and "SEC v. CR Intrinsic Investors, LLC ("SAC") in Insider Trading Case" (March 19, 2013).