Sunday, 21 September 2014
Last updated 2 days ago
Dec 5 2013 | 1:21pm ET
The government's star witness in the trial of SAC Capital Advisors portfolio manager Michael Steinberg is having his memory tested on the stand—and it is a test that he is frequently failing.
Jon Horvath endured a second day of cross-examination by Steinberg's lawyer, Barry Berke, yesterday. Horvath acknowledged some lapses of memory on Tuesday, and Berke continued the attack yesterday.
Asked when he learned that a friend, fellow cooperating witness Jesse Tortora, was passing him insider information about Dell Inc., Horvath said he didn't "remember when I figured it out," adding, "clearly in 2008, I was aware I got" confidential tips.
Berke asked if Horvath ever thought to ask about the source of the information.
"Do you mean from a profitability standpoint?" Horvath asked.
"How about from a following the law standpoint," Berke shot back. "Did you care about being a criminal?"
"Yeah, at that point, I don't think I was too concerned about it," Horvath said.
Horvath also admitted that Steinberg's own contacts with Tortora were limited—and that he knew of no contacts between the two in 2008, when the illicit trading allegedly occurred.
Horvath also testified that Steinberg, at his behest, tried to help Tortora get a job in 2007.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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