Steinberg Friend Drops F-Bomb At Conviction

Jan 3 2014 | 11:07am ET

The solemnity of SAC Capital Advisors portfolio manager Michael Steinberg's conviction on insider-trading charges last month didn't keep one of his closest friends from a profane reaction.

Sandy Heller, the former chief investment officer at Exis Capital, was a regular attendee of Steinberg's trial, along with his brother, Sandy, SAC founder Steven Cohen's art adviser. And when the word "guilty" was read, Heller didn't hold back.

According to the New York Post, Heller threw his head back and said, "oh fuck," when the verdict was read. Steinberg was convicted of five counts of securities fraud and conspiracy, and fainted just prior to the delivery of the jury's decision on Dec. 18.

Steinberg faces up to 85 years in prison when he is sentenced on April 25, but will likely receive less than 10 years. The longest-ever insider-trading sentence imposed in 12 years.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of