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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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Jury Selection Begins for SAC Cap's Steinberg

Nov 19, 2013
Jing Chen

The jury selection for the insider trading case of former SAC Capital Advisors portfolio manager Michael Steinberg began on Tuesday.

The New York Times reported that Judge Richard J. Sullivan asked each of the 100 potential jurors 70 questions that would help pick a 12-member jury. According to the article, “many” in the pool revealed that they had ties to Wall Street—either through romantic relationships or through professional networks.

Steinberg, who worked at SAC affiliate Sigma Capital Management, is the first former SAC employee to stand trial for insider trading. He is charged with conspiracy and securities fraud tied to trades in technology companies Dell and Nvidia.

Steinberg’s trial on Tuesday began 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, but is set to transition into a family office.

 

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