Tuesday, 31 May 2016
Last updated 3 days ago
May 16 2014 | 10:20am ET
Former SAC Capital Advisors trader Michael Steinberg, the highest-ranking employee of that firm to be convicted of insider trading, will learn his punishment for those crimes today.
Steinberg will be sentenced today, after U.S. District Judge Richard Sullivan rejected his bid to have his December conviction thrown out. "On the facts presented at trial, a rational jury could find that he knew or was willfully blind to the fact that the tippers breached duties of trust and confidence by disclosing material nonpublic information for their personal benefits," Sullivan wrote.
Prosecutors are seeking up to six-and-a-half years in prison for Steinberg, while the former hedge fund manager's own lawyers have asked for no more than two years. To the latter end, supporters have submitted letters to Sullivan—known as a harsh sentencer—emphasizing Steinberg's philanthropy in hopes of leniency.
"Michael has made a difference in the lives of so many," Felicia Herman, who heads a Jewish and Israeli cultural foundation co-founded by Steinberg, wrote.