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Saturday, 21 January 2017
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Nov 8 2013 | 11:02am ET
Michael Steinberg, the SAC Capital Advisors portfolio manager facing trial on insider-trading charges, wants to put some distance between himself and the disgraced hedge fund.
Steinberg's lawyers have asked the judge overseeing his case to omit mention of SAC in his instructions to the jury pool. Barry Berke asked U.S. District Judge Richard Sullivan to excise the portion of the instructions that would tell prospective jurors that Steinberg "was working at a hedge fund called Sigma Capital Management, which was a division of a hedge fund called SAC Capital," and that he "was part of a conspiracy that included people at his hedge fund and at other hedge funds who shared this information," he said in a court filing yesterday.
Steinberg is accused of trading technology stocks based on confidential information acquired by his former analyst, who is cooperating with prosecutors. The most senior SAC employee to be caught up in the case, Steinberg's trial is set to begin on Nov. 18.
SAC itself is poised to plead guilty to insider-trading charges today, part of a deal with prosecutors that will see it pay $1.2 billion and close to outside investors.