The sentencing of former SAC Capital Advisors LP analyst Jon Horvath for insider trading was delayed at the government’s request as he continues to cooperate with prosecutors.
U.S. District Judge Richard J. Sullivan in Manhattan agreed to adjourn Horvath’s court date for six more months in a filing dated today.
Horvath, a technology analyst who worked for portfolio manager Michael Steinberg at the Stamford, Connecticut-based hedge fund company, was to be sentenced March 31. He pleaded guilty in September to passing nonpublic information on Dell Inc. (DELL:US) in August 2008 and about Nvidia Corp. (NVDA:US) in May 2009 from insiders at the two technology companies to his portfolio manager, whom he didn’t name in court.
“In each instance I provided the information to the portfolio manager I worked for and we executed trades in the stocks based on that information,” he told the judge.
Steinberg was arrested March 29 and charged with insider trading. He is charged with being part of a conspiracy with Horvath from 2007 to 2009. The U.S. said Steinberg traded on illegal tips on Dell and Nvidia that he obtained from the analyst.
Horvath was one of eight analysts and portfolio managers charged with being part of what U.S. Attorney Preet Bharara described as “a tight-knit circle of greed” whose members trafficked in confidential information.
Six of those charged have pleaded guilty and agreed to cooperate with the U.S. Horvath pleaded guilty weeks before he was set to go on trial with Anthony Chiasson, co-founder of Level Global Investors LP, and Todd Newman, an ex-Diamondback Capital Management LLC portfolio manager. Both were convicted in a trial in New York in December and await sentencing.
Steve Peikin, a lawyer for Horvath, didn’t immediately reply to a voice-mail message left at his office seeking comment about the sentencing delay.
The case is U.S. v. Newman, 1:12-cr-00121, U.S. District Court, Southern District of New York (Manhattan).
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