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SAC Manager Steinberg Warned Analyst the Walls Have Ears

The lawyer for SAC Capital Advisors LP money manager Michael Steinberg, accused of insider trading, challenged testimony of a former fund analyst that he sought secrecy in passing on data because it was an illegal tip.

The analyst, Jon 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. He told the jury at Steinberg’s trial in Manhattan federal court the inside information that he passed to his boss came from Jesse Tortora, an analyst at Diamondback Capital Management LLC.