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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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SAC CFO to Testify in Michael Steinberg's Insider Trading Trial

Nov 14, 2013
Jing Chen

SAC Capital Advisors' chief financial officer may be the first witness in the criminal insider trading case of its portfolio manager Michael Steinberg.

The Wall Street Journal reported that the U.S. government gave hints on Thursday that Daniel Berkowitz could be the first to take the witness stand in Steinberg’s trial, which is due to begin on November 18. Prosecutors also said that former Diamondback Capital Management analyst Jesse Tortora, who has pleaded guilty to insider trading, will also testify against Steinberg.

Steinberg, who worked at SAC affiliate Sigma Capital Management, is charged with conspiracy and securities fraud tied to trades in technology companies Dell and Nvidia. Steinberg’s trial will begin just weeks after Connecticut-based SAC pleaded guilty to insider trading allegations, and ordered to pay a $1.2 billion settlement—one of the largest by a Wall Street firm.

SAC had about $14 billion in total assets under management as of July 1, and is set to transition into a family office.

 

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