Saturday, 30 August 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...