Former Sigma Capital Analyst Jon Hovarth

Former Sigma Capital Analyst Jon Hovarth

Scott Eells/Bloomberg

Jon Horvath, former analyst at Sigma Capital Management LLC, right, exits federal court with his attorney Steven R. Peikin in New York, on Feb. 14, 2012. Horvath, has testified he was part of a circle of hedge funds analysts who swapped illicit tips about technology companies that they funneled to their fund managers.