Sunday, 28 December 2014
Last updated 4 hours ago
Dec 12 2013 | 12:01pm ET
Given the chance to question their star witness about SAC Capital Advisors founder Steven Cohen, prosecutors in the insider-trading case against SAC portfolio manager Michael Steinberg demurred.
U.S. District Judge Richard Sullivan ruled yesterday that prosecutors could ask Jon Horvath, who served as Steinberg's analyst, about his cooperation in the probe of Cohen, who has not been charged with any wrongdoing. The government apparently hoped to use the questions to show that Horvath had fingered only guilty parties, and had not implicated Cohen himself.
Sullivan said he didn't see why the jury shouldn't hear about "the biggest whale in the company." But he warned that while the questions were permitted, they might not be "prudential."
The prosecutors did not say why they opted against the Cohen line of questioning. Sullivan had warned that Horvath, who completed his ninth and final day of testimony yesterday, would be subjected to extensive cross-examination on the matter, although prosecutors said they didn't think Steinberg's lawyer, Barry Berke, would drag it out.
Horvath was asked if he knew that he was providing information about the government's probe into SAC itself, and said yes. SAC last month pleaded guilty to insider-trading charges.
Two other members of Horvath's insider-trading circle are set to follow him on the witness stand.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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.