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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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Ex-Diamondback Cap's Tortora Testifies Against SAC Cap's Steinberg

Nov 26, 2013
Jing Chen

Former Diamondback Capital Management analyst Jesse Tortora has testified during the insider trading case of SAC Capital Advisors Michael Steinberg.

Bloomberg reported that Tortora, who has pleaded guilty to insider trading, said that he earned $2.25 million in salary and bonus in 2008 after he provided illegal tips regarding Dell, Inc. to his boss and Diamondback fund manager Todd Newman that helped earned the fund more than $3.8 million.

Tortora testified that he also provided former SAC Capital analyst Jon Horvath with confidential earnings information about Dell. Horvath then passed the information to Steinberg, who earned more than $1.4 million from the tips.

Tortora added that he earned more than $3.4 million during the three-and-a-half years he worked at Diamondback, including the $2.25 million he received for year of the successful Dell trade.

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.

 

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