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Ex-SAC Analyst Feared Job Loss For Lack of Trading Tips

Dec 01, 2013
Jing Chen

A former SAC Capital Advisors tech analyst testified last week during Michael Steinberg's insider trial that he was afraid he would lost his job s he didn't come up with confidential tips for Steinberg.

The New York Post reported that Jon Horvath, who worked under Steinberg at Connecticut-based SAC Capital, told a Manhattan federal jury that he "thought [his] job was in danger" when he received an ultimatum from the top SAC money manager after his tech recommendations lost money in 2007.

Horvath added that soon after, he began giving Steinberg insider tips he received from former Diamondback Capital Management analyst Jesse Tortora on technology giant Dell, Inc. 

Both Tortora and Horvath have pleaded guilty to insider trading, and have been cooperating with prosecutors on the case against Steinberg.

Steinberg, who worked at SAC affiliate Sigma Capital Management, is charged with conspiracy and securities fraud tied to trades in Dell and Nvidia, another technology company.

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eVestment’s 2015 Hedge Fund Industry Outlook

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