Thursday, 29 January 2015
Last updated 34 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…