Breaking: Government Witness's Motive For Testifying Against Alleged Insider Traders Somewhat Self-Serving

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Lawyers for Michael Steinberg pressed a former stock analyst turned government witness about his motivations for testifying against the veteran SAC Capital Advisors LP portfolio manager, drawing a reluctant admission from the witness that he wanted to stay out of jail. Jesse Tortora, a former analyst at hedge fund Diamondback Capital LLC, told a jury in Manhattan federal court on Monday that he hoped to receive probation for cooperating with a wider government investigation into insider trading. That acknowledgment came after repeated, and sometimes contentious, questioning by Barry Berke, a lawyer for Mr. Steinberg. Mr. Tortora initially said that when agents from the Federal Bureau of Investigation showed up to question him at his parents' house in Florida in 2010, his "main motive was to tell the truth." But under cross-examination from Mr. Berke, Mr. Tortora said he was also motivated by the prospect of a lighter punishment. [WSJ]

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