Wednesday, 31 August 2016
Last updated 3 min ago
Jan 3 2014 | 10:07am 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.