SAC trader wants access to witnesses

SAC Capital portfolio manager Michael Steinberg, who faces a criminal insider-trading trial, wants to question witnesses in a related civil lawsuit by the SEC.

Bloomberg News reports that Steinberg is defending both a criminal case brought by the U.S. Attorney in New York and a civil lawsuit by the SEC.

In a court filing on Monday, in the SEC case, Steinberg asked a judge for permission to question witnesses and review documents. Gaining access to witnesses and evidence in the SEC’s case may help Steinberg defend himself against criminal charges.

'The U.S. Attorney’s Office and the SEC chose to simultaneously charge Steinberg with serious criminal and civil violations of the federal securities law,' his lawyer, Barry Berke, said in a filing today in the SEC’s lawsuit.

Steinberg, a long-serving SAC portfolio manager, is accused of trading in shares of Dell Inc and Nvidia Corp based on illegal inside tips. He denies wrongdoing. Prosecutors previously asked U.S. District Judge Harold Baer in Manhattan, who is presiding over the SEC suit, to halt proceedings in that case until after the criminal trial is concluded.

To access the full Bloomberg article hit the link below.

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image: © Clyde Robinson

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