Sunday, 28 December 2014
Last updated 3 days ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.