Prosecution concludes in Steinburg insider case

American courtroom

After three weeks and 13 witnesses, the government on Friday rested its insider trading case against Michael S. Steinberg, a former fund manager at SAC Capital Advisors.

The New York Times reports that the defence’s case will take considerably less time. It said it might call one witness on Monday, and then both sides will present their closing arguments. Steinberg will not take the witness stand.

Seated in the Federal District Court in Lower Manhattan, a jury of nine women and three men have been presented with hundreds of emails, phone records and trading records by the prosecution, often enduring hours of Wall Street jargon.

The prosecution, led by Antonia M. Apps, an assistant United States attorney, has accused Steinberg of trading the stocks of the technology companies Dell and Nvidia after receiving confidential information about their earnings from Jon Horvath, a former technology analyst at SAC.

They sought to establish that, under pressure from Steinberg to supply 'edgy proprietary information,' Horvath turned to a network of analysts that shared non-public information.

To access the complete New York Times article hit the link below:

Government Rests Case Against Former SAC Trader

Regulator Leaves Loophole for Some Bankers to Avoid E.U. Bonus Caps

image: © Clyde Robinson

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts