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ANOTHER ONE: Veteran SAC Capital Trader Arrested

Joe WeisenthalMar 29, 2013, 16:33 IST

From WSJ, another arrest at Steve Cohen's embattled SAC Capital:

Michael Steinberg, 40 years old, was led out of his building on New York's Park Avenue in handcuffs around 6 a.m. Mr. Steinberg has worked at Stamford, Conn.-based SAC since 1997 and at its Sigma Capital Management unit in New York since 2003, dealing closely with SAC's billionaire founder Steven A. Cohen. Details of the charges are expected to become public later Friday.

Steinberg is said to be the most senior trader arrested. A number of traders at the fund have been arrested relating to insider trading, although founder and chief Steve Cohen has never implicated in anything himself. Steinberg's lawyer has said he has done nothing wrong

We'll have more as details develop.