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WHITE COLLAR FBI Arrests Hedge Fund Manager Mike Segar/Reuters/Landov

FBI Arrests Hedge Fund Manager

FBI agents led Michael Steinberg out of his Park Avenue apartment building in handcuffs after arresting him on insider trading charges. The portfolio manager of SAC Capital, one of the most prominent American hedge funds, Steinberg becomes the most senior hedge-funder to be ensnared by a widening FBI probe. The bureau is pursuing SAC aggressively, even after the firm agreed to pay a record $616 million civil penalty to settle two other insider trading lawsuits brought by the Securities and Exchange Commission.

March 29, 2013 7:05 AM