SAC CFO To Testify At Trader's Trial

Nov 15 2013 | 12:47pm ET

The trial of SAC Capital Advisors portfolio manager Michael Steinberg is set to start with a bang next week.

The highly-anticipated insider-trading case opens on Tuesday with jury selection. Once the panel that will decide Steinberg's fate is in place, they'll hear from SAC CFO Daniel Berkowitz, whom prosecutors have said will serve as their first witness against the highest-ranking SAC employee to face criminal charges.

The government has not said whether it plans to call SAC founder Steven Cohen himself to the stand. Cohen has not been charged criminally in the case, although SAC last week pleaded guilty to insider-trading charges and Cohen faces both a civil suit brought by the Securities and Exchange Commission and ongoing criminal probes.

Steinberg's former analyst, Jon Horvath, will testify. He is cooperating with prosecutors and is allegedly the source of the insider tip about Dell Inc. at the heart of the case. Steinberg is accused of earning SAC $3.1 million trading on Dell and Nvidia Corp.

If convicted, Steinberg faces up to 85 years in prison.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...