NEW YORK (JTA) — Michael Steinberg, a founder of Natan, a Jewish philanthropic network for young professionals, was convicted of insider trading by a federal jury.
Steinberg, 41, who fainted before his conviction was announced Wednesday in U.S. District Court in Manhattan, is the highest-ranking employee at SAC Capital Advisors to stand trial for insider trading.
The firm recently pleaded guilty to insider trading charges and agreed to pay a $1.3 billion penalty.
Federal officials, who are continuing to investigate, are hoping the prospect of years in prison will spur Steinberg to cooperate with them, according to The New York Times. He faces up to 20 years in prison on each fraud count and up to five years for the conspiracy charge when he is sentenced in April, according to The Wall Street Journal.
Steinberg, with his wife, Elizabeth, is one of Natan’s eight “partners.” The philanthropy, which describes itself as a “giving circle,” focuses on “entrepreneurial organizations that demonstrate an innovative approach to addressing the challenges facing Jews around the world.” Its more than 30 grantees include G-dcast, Moishe House and Hazon.
Help ensure Jewish news remains accessible to all. Your donation to the Jewish Telegraphic Agency powers the trusted journalism that has connected Jewish communities worldwide for more than 100 years. With your help, JTA can continue to deliver vital news and insights. Donate today.
