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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Is Steven Cohen Going to Buy the Brooklyn Nets?

Jan 19 2015 | 6:49am ET

Rumors that Steve Cohen was interested in the Brooklyn Nets emerged after Scott...

Guest Contributor

Investors Benefit From Evolution Of Fund Of Hedge Funds Model

Jan 22 2015 | 12:27pm ET

The evolution of the fund of hedge funds model over the last few years represents...

 

Editor's Note