Steve Cohen's SAC Capital Advisors seemed as well-known as Starbucks on Tuesday during the first day of jury selection for money manager Michael Steinberg's insider-trading trial.
About one-third of the 49 prospective jurors questioned at length by Manhattan federal court Judge Richard Sullivan had heard of the $14 billion hedge fund and the insider-trading charges that have swirled around it and its employees for years.
Steinberg, the top lieutenant of Cohen who is on trial for conspiracy to commit securities fraud, sat at the defense table mostly stoned-faced. In separate interviews with the judge, jurors told their tales:
- Two potential jurors said they had had business dealings with SAC, including a woman who said that SAC owned a chunk of the publicly traded company where she works, WebMD. Both were excused.
- "I think there's a lot of fraud on Wall Street and big hedge funds are the primary instigators," said one pool member. He got tossed.
- One artist spoke of his Occupy Wall Street ties and said family members "lost money all their lives" investing. Defense lawyer Barry Berke wanted him bounced. Judge Sullivan declined.
Steinberg's defense team has been worried about pretrial publicity affecting the jurors' ability to be impartial, particularly given SAC's recent guilty plea on five counts of securities and wire fraud, and its $1.8 billion settlement plea.
Berke can strike as many as 10 jurors, while prosecutors can nix six on their own.
Fifteen potential jurors were excused and jury selection is expected to conclude Wednesday.
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