SAC's Steinberg Loses Bid For Insider Trading Acquittal

(Reuters) - A U.S. judge on Thursday rejected a request to acquit Michael Steinberg, a day before the scheduled sentencing on an insider trading conviction for the former portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund. U.S. District Judge Richard Sullivan in Manhattan rejected various arguments by Steinberg's lawyers, including that a jury could not have rationally found he knew corporate insiders were receiving benefits to provide illegal tips.