Hints and tips:
...The court overturned the conviction of two hedge fund managers, Todd Newman and Anthony Chiasson, ruling that they were too far removed from the initial trading tip to know that an insider had improperly...
...Its founder Michael Platt declared that the traditional fee model of “two and twenty” that has sustained the industry since its inception was “no longer a very profitable business”....
...The appeals court ruling could affect cases related to the circle of defendants linked to Messrs Newman and Chiasson, such as Michael Steinberg, a former portfolio manager at SAC Capital....
...The overturned convictions of Mr Newman and Mr Chiasson had an immediate effect on other cases....
...Because of the appeals court decision, the US Attorney’s office in Manhattan last year dropped charges against seven people, including former SAC portfolio manager Michael Steinberg....
...The overturned convictions of Messrs Newman and Chiasson have already had an effect on other cases....
...The decision could affect cases related to the circle of defendants linked to Mr Chiasson and Mr Newman....
...The conviction of Michael Steinberg, a former portfolio manager at SAC Capital who was sentenced to three-and-a-half years in prison, could also be overturned....
...“Today’s decision is a resounding victory for the rule of law and for Anthony Chiasson personally,” said Gregory Morvillo, an attorney for Mr Chiasson....
...On Wednesday, the US Second Circuit Court of Appeals said prosecutors had not presented enough evidence to convict Todd Newman, a former portfolio manager at Diamondback Capital, and Anthony Chiasson, a...
...Michael Steinberg, a former SAC Capital portfolio manager, could benefit from a reversal. His trial was also held before the same judge who issued the same instruction to the jury....
...Mr Chiasson received 78 months in prison while Mr Newman was sentenced to 54 months....
...The opening salvo set the tone for a series of targeted and at times rapid-fire questioning of Antonia Apps, a prosecutor with the US attorney’s office in Manhattan over the convictions of Anthony Chiasson...
...The circle also included Jon Horvath, a research analyst in Sigma’s San Francisco office, who reported to Michael Steinberg, a long-time friend of Mr Cohen....
...During the trial, prosecutors identified David Ganek, co-founder of Level Global, and Michael Steinberg, a portfolio manager with SAC Capital, as unindicted co-conspirators....
...His boss is not identified in the complaint, but people familiar with the matter say he is Michael Steinberg....
...People familiar with the matter say he is Michael Steinberg, a portfolio manager specialising in technology stocks, who has worked at SAC since 1997....
...Bill Chiasson, chief executive, said in spite of a “solid start to the holiday season”, consumer “demand softened late in the quarter relative to our expectations”....
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