Horvath's Memory Questioned At Steinberg Trial

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.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR