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Trial of SAC's Steinberg Goes to Jury

Dec 17, 2013
Jing Chen

The fate of former SAC Capital Advisors portfolio manager Michael Steinberg will depend on the jurors in his insider trading case.

The New York Times reported that Steinberg's trial will be handed over to the jury in the U.S. District Court in Manhattan on Tuesday.  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 lawyer, Barry H. Berke, told the jury on Monday that Jon Horvath-- who worked under Steinberg at SAC-- is a liar. He also argued that Steinberg did not know the information Horvath provided to his client was illegally obtained. 

According to an earlier eVestment article, Horvath began giving Steinberg insider tips he received from former Diamondback Capital Management analyst Jesse Tortora on technology giant Dell, Inc. after 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. 

SAC pleaded guilty last month to insider trading that is awaiting approval from a federal judge. Under the deal, SAC would be barred from managing external capital for five years, thus forcing the firm to transition into a family office.

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