SAC's Steinberg Faces November Trial

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.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR