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The Boston Globe

Business

SAC portfolio manager arrested

NEW YORK — An SAC Capital Advisors portfolio manager was arrested by federal agents Friday, becoming the most senior employee at the hedge fund ensnared in the government’s vast insider trading investigation.

Michael Steinberg, 40, was arrested at his Park Avenue apartment early Friday morning and taken out of his building in handcuffs. He has worked for SAC and its owner, the billionaire investor Steven A. Cohen, since 1997 and became one of the firm’s senior portfolio managers, focusing on technology stocks.

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