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Precy Dumlao, Opalesque Asia:

A witness told a Manhattan Federal Court on Monday that SAC Capital Advisors’ founder Steven Cohen was kept out of the loop by portfolio manager Michael Steinberg about his alleged inside information on Dell, various media reported.

Testifying on his third day on the insider trading trial of Steinberg, government star witness Jon Horvath told the jury that the portfolio manager gave assurances to Cohen about his wager on Dell despite the fact that the SAC Capital founder was actually against the bet based on prevailing market assessment at that time, reported Reuters.

Horvath, a former analyst, gave the account in federal court in New York, where he is testifying against Steinberg, the first employee of SAC Capital to face trial in a government's investigation of insider trading on Wall Street. He presented a series of instant message conversation between him and Steinberg in which the latter had been allegedly "drilled" by Cohen about his bets on Dell’s stock. However, Steinberg allegedly left out details that the bets were made on inside information.

Steinberg reportedly messaged Jon, "I said Jon has a number of industry contacts and that is what he has heard. Mike was kind of my buffer."

Three days before Dell announced its earnings information in August 2008, Cohen believed that the computer-maker’s stocks would go......................

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