Ron Dennis, the former SAC Capital Advisors LP analyst, was named as an uncharged co-conspirator in an insider-scheme that included SAC portfolio manager MIchael Steinberg. This was contained in documents filed by US prosecutors in federal court of Manhattan.
Steinberg is at the center of the insider-trading case and was indicted by prosecutors in the office of Manhattan US Attorney Preet Bharara in documents unsealed last March 29. The trial is scheduled to begin on November 18.
The government charged Steinberg with insider trading in Dell Inc and Nvidia Corp based on illiicit tips given to him by his analyst Jon Horvath. Horvath had plead guilty and is now cooperating as a witness against Steinberg in his trial. Overall, Horvath and Dennis were just two of six other analysts who received and utilized non-public information about stocks in ten other technology firms resulting in illicit gains.
Steinberg had entered a plea of not guilty. He stands to face as long as twenty years in prison if convicted of all the charges. Bharara announced the indictment last July for what was considered as insider trading by employees as long ago as 1999. At the time, the investment firm established and headed by Steven A. Cohen had USD14 billion in its portfolio.
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