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

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

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.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.