Sunday, 3 May 2015
Last updated 2 days 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…