U.S. Prosecutor to Drop Insider Trading Cases Against Seven

October 22, 2015 8:27 PM

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U.S. Prosecutor to Drop Insider Trading Cases Against Seven

The top federal prosecutor in Manhattan moved on Thursday to dismiss insider trading charges and convictions against seven people, including Michael Steinberg, formerly of SAC Capital Advisors, a onetime close associate of the billionaire investor Steven A. Cohen.

The decision by Preet Bharara, the United States attorney in Manhattan, came just weeks after the United States Supreme Court declined to review a federal court ruling that tossed out two other insider trading convictions and made it harder for authorities to pursue certain kinds of wrongful trading...

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