Jury hears final arguments in insider trading trial of SAC’s Steinberg

A lawyer for Michael Steinberg, an SAC Capital Advisors portfolio manager on trial for insider trading, urged jurors on Monday to find his client not guilty, saying the government’s star witness has been lying. But a federal prosecutor said Steinberg knew the information he received from SAC Capital analyst Jon Horvath was improper when he made trades that netted more than $1.4 million in profits. The trial followed SAC Capital’s agreement last month to pay $1.2 billion and plead guilty to fraud charges stemming from the insider trading probe. Steinberg, who worked in SAC’s Sigma Capital Management division, is one of eight employees at the hedge fund to face criminal charges for insider trading and the first to fight them at trial.


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