Judge Richard Sullivan shut down the request of SAC Capital portfolio manager Michael Steinberg to delay his upcoming criminal insider trading trial for three months to allow the “media storm” over SAC’s recent guilty plea to subside. Although Steinberg submitted his papers directly to the court and asked Judge Sullivan to allow them to be filed under seal so as not to add fuel to the fire, the court denied the sealing motion and released the papers, citing the “general presumption of open access to judicial records.” In denying Steinberg’s motion to delay the trial, Judge Sullivan apparently was not persuaded by Steinberg’s citation to press reports that prosecutors pressured SAC to plead guilty prior to Steinberg’s trial or by the 156 pages of recent articles and indices of articles that Steinberg attached to his motion, connecting Steinberg, SAC, and its founder Steven A. Cohen to the government’s insider trading investigations. Judge Sullivan did, however, agree to Steinberg’s request for individualized questioning of all jurors exposed to publicity about SAC.
Tags: 12 Cr. 121 (S.D.N.Y.) · Adjournment · Insider Trading · Judge Sullivan · Michael Steinberg · Pretrial Publicity · Voir Dire
Recent Blog Posts
Frederic Cilins Moves to Dismiss Obstruction Charge Based on Alleged Interference with Foreign Investigation Criminal Defendant Cannot Challenge Grand Jury’s Probable Cause Determination in Asset Freeze Hearing Even if Defendant Wants to Use Seized Assets to Pay for Counsel Government Admits It Caused Confusion But Opposes Rengan Rajaratnam’s Motion to Dismiss Raj Rajaratnam Asks the Supreme Court to Review the Second Circuit’s Insider Trading Standard and Failure to Suppress Wire Tap Evidence Martoma Attacks Insider Trading Verdict and Moves for New Trial