A SENIOR portfolio manager for one of America's largest hedge funds has been arrested, accused of making $US1.4 million ($A1.35 million) illegally in a widening insider trading probe involving an investment company founded by billionaire Steven A. Cohen.
Michael Steinberg, 41, was arrested at his Manhattan home on insider trading charges lodged in an indictment unsealed in US District Court in New York City.
A senior portfolio manager at SAC Capital Advisors, he was scheduled to appear in court later on Friday.
His lawyer, Barry Berke, said in a statement that Steinberg "did absolutely nothing wrong."
He said Steinberg's trading decisions were based on detailed analysis along with other information he properly obtained.
"Caught in the crossfire of aggressive investigations of others, there is no basis for even the slightest blemish on his spotless reputation," he said.
In a statement, SAC Capital said Steinberg "has conducted himself professionally and ethically during his long tenure at the firm. We believe him to be a man of integrity."
George Venizelos, head of the FBI's New York office, said the arrest was the latest in an FBI probe that has resulted in more than 70 arrests.
"Mr Steinberg was at the centre of an elite criminal club, where cheating and corruption were rewarded," he said.
"Research was nothing more than well-timed tips from an extensive network of well-sourced analysts."
At least four other people associated with the Stamford, Connecticut-based firm have been arrested over a period of about four years.
The arrest of Steinberg and the January arrest of a former hedge fund portfolio manager for an affiliate of Cohen's firm has increased speculation that the US government is taking a hard look at the practices of the billionaire hedge fund owner.
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