Tuesday, 21 October 2014
Last updated 11 min ago
May 6 2013 | 1:43pm ET
When SAC Capital Advisors' Michael Steinberg goes on trial for insider-trading in November, he'll be facing a judge that his lawyer suggests makes convictions too easy for prosecutors to win.
U.S. District Judge Richard Sullivan on Friday declined to recuse himself from the case and have it assigned to a new judge. Steinberg's lawyer, Barry Berke, last month said that Sullivan did not require prosecutors to show that previous insider-trading defendants knew about the personal benefits their tippers received, as was required by two other federal judges in New York in such cases.
"You're stuck with me, Mr. Steinberg," Sullivan said. "I'll do what I can to make sure it's a fair proceeding."
Sullivan also rejected Steinberg's legal team on the matter of trial date, setting it for Nov. 18. Steinberg's lawyers had hoped for February of next year.
Steinberg is accused of trading technology stocks on confidential information, as part of ring that included portfolio managers at Diamondback Capital Management and Level Global Investors. Steinberg's former analyst, Jon Horvath, is cooperating with prosecutors.
Steinberg has denied any wrongdoing. He is currently on leave from SAC, which took the unusual step of defending him at the time of his arrest.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...