Monday, 3 August 2015
Last updated 2 hours ago
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."
May 27 2015 | 2:15pm ET
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