Michael Steinberg, a top portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, was found guilty Wednesday on charges that he traded on insider information.
The verdict, delivered in the fifth week of trial, was the latest victory for federal prosecutors in a four-year crackdown on Wall Street insider trading that has resulted in convictions of 77 people.
Steinberg closed his eyes and put his head back when the first guilty finding was read. Friends and family sitting behind him gasped and held each other, with some covering their mouths and others crying.
The verdict was delayed slightly when Steinberg fainted as it was about to be read. Jurors left the courtroom while he was attended to by paramedics and then returned to the courtroom.
Steinberg will be sentenced on April 25, the judge said.
"Like many other traders before him who, blinded by profits, lost their sense of right and wrong, Steinberg now stands convicted of federal crimes and faces the prospect of losing his liberty," U.S. Attorney Preet Bharara said.