Friday, 27 March 2015
Last updated 4 hours ago
Dec 11 2013 | 2:16pm ET
The lawyers battling in SAC Capital Advisors portfolio manager Michael Steinberg's insider-trading trial continued to spar yesterday over what the jury should and shouldn't hear.
After U.S. District Judge Richard Sullivan rejected a defense request to read to the jury from a wiretapped phone call involving Steinberg's former analyst—and the government's star witness—the hedge fund manager's lawyers asked Sullivan to bar prosecutors from bringing up SAC founder Steven Cohen's trades in Dell Inc., which the government said were based on recommendations from Steinberg.
Prosecutors also told Sullivan they wished to ask the analyst, Jon Horvath, about SAC's "hiring practices" and "compliance practices, or lack thereof." Sullivan said he would rule on the requests today.
Earlier, Sullivan barred Steinberg lawyer Barry Berke from using the transcript of a phone call between Horvath and another hedge fund analyst who has pleaded guilty to insider trading. On that call, Horvath tells Spyridion Adondakis about a call between Steinberg and John Kinnucan, an expert-network consultant also ensnared in the insider-trading probe. Horvath told Adondakis, who was cooperating with the authorities, that Kinnucan had sworn to Steinberg that he had not passed him insider information.
But, Sullivan pointed out, Steinberg has not been charged with trading on Kinnucan's information, and threw the transcript out.
"What I think is being asked, either implicitly or, at least, in reality, is that the jury should infer from his state of mind on Kinnucan that he was not guilty of the Kinnucan conspiracy," Sullivan said, "and from the fact that he was not guilty on the Kinnucan conspiracy, the jury should conclude as propensity evidence that he is not guity of the charged conspiracy. And that's not proper."
"You can't use propensity evidence in that way any more than the fact that Mr. Kinnucan engaged in legitimate trades in Coca-Cola or Boeing on the same day that he did the allegedly illegal Dell trades."
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…