SAC Manager 'Gladly' Traded On Insider Tips, Feds Say

Law360, New York (December 16, 2013, 7:36 PM EST) -- SAC Capital Advisors LP portfolio manager Michael Steinberg "gladly" traded using inside information, a federal prosecutor said Monday in closing arguments.

Steinberg either knew or deliberately avoided finding out that key research trades in Dell Inc. and Nvidia Corp. ultimately came illegally from sources within the companies, Assistant U.S. Attorney Harry Chernoff told jurors in New York federal court.

The inside information, confidential financial figures from the companies, came to Steinberg through his research analyst Jon Horvath, who was connected to a circle of analysts who...
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