Statement from FBI Assistant Director George Venizelos on the Arrest of Michael Steinberg

New York Special Agent in Charge George Venizelos stated the following concerning the arrest of hedge fund portfolio manager Michael Steinberg:

Mr. Steinberg’s arrest is the latest in the FBI’s campaign to root out insider trading at hedge funds and expert networking firms, resulting in more than 70 arrests so far. As alleged, Mr. Steinberg was at the center of an elite criminal club, where cheating and corruption were rewarded. Research was nothing more than well-timed tips from an extensive network of well-sourced analysts. The law is clear for everyone including Mr. Steinberg. Trading on inside information is illegal. The FBI will continue to police our markets and arrest anyone who violates the law.

- U.S. Attorney’s Office press release concerning arrest of, charges against Michael Steinberg