Analyst feared for job if he didn't provide tip offs

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Former SAC Capital Advisors tech analyst Jon Horvath testified he was afraid he would lose his job if he didn’t come up with illicit stock tips for his boss, Michael Steinberg.

'I thought my job was in danger. I thought he would fire me', Horvath, the government’s star witness in the insider-trading case against Steinberg, told a Manhattan federal jury.

The New York Post reports that Horvath, testifying Wednesday on the fifth day of the trial, said he received an ultimatum from the top SAC money manager after Horvath’s tech recommendations for Steinberg lost money in 2007.

'What I need you to do is to go out and get me edgy, proprietary information that we can use to make money in their stocks', Horvath testified that Steinberg told him after a bad losing streak.

Horvath said he thought Steinberg wanted him to cultivate sources of 'material non-public information'.

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

Ex-SAC analyst feared firing if he didn't give illicit stock tips

Wall Street bigs poised for huge payday

image: © Clyde Robinson

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