Opening Statements Today In Level Global Trial

Nov 8 2012 | 1:40pm ET

The insider-trading trial of Level Global Investors co-founder Anthony Chiasson and another former hedge fund manager will begin in earnest later today, with opening statements.

Jury selection, which began yesterday, continues; 30 possible panel members were polled by U.S. District Judge Richard Sullivan; one long-time SAC Capital Advisors employee was among those dismissed.

While others also got the cut, including a freelance bassoonist and a psychic claiming to work with law enforcement to find missing children, the SAC connection was a definite deal-breaker. A former co-defendant of Chiasson and former Diamondback Capital Management portfolio manager Todd Newman, Jon Horvath, is a former SAC analyst and is likely to testify at the trial. In addition, Horvath's boss, top SAC manager Michael Steinberg, is an unindicted co-conspirator in the case.

When opening statements begin, likely after lunch today, prosecutors will begin to paint a portrait of two members of a "criminal club" who traded in confidential tips about technology companies and who made $60 million doing so. The defense has yet to show its hand, although prosecutors have attempted to prevent it from using some wiretaps that prosecutors say contain false "exculpatory statements."

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