Tags: prison | Steinberg | sentencing | hedge-fund

SAC's Steinberg Deserves at Least 5 Years in Prison, US Says

Monday, 12 May 2014 08:25 AM

SAC Capital Advisors LP’s Michael Steinberg, convicted of insider trading in December, should be sentenced to more than five years in prison, the U.S. said.

Prosecutors recommended a sentencing guideline of 63 months to 78 months in a court filing on May 9. The government also seeks a forfeiture of about $365,000 at sentencing. Steinberg’s lawyers this month said Steinberg’s prison sentence shouldn’t exceed two years.

Steinberg was SAC’s longest-serving manager to be convicted of insider trading. A jury found him guilty of using illegal tips on technology stocks provided by his former securities analyst, Jon Horvath, to reap more than $1.4 million in illicit profit.

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SAC Capital Advisors LP's Michael Steinberg, convicted of insider trading in December, should be sentenced to more than five years in prison, the U.S. said.
prison, Steinberg, sentencing, hedge-fund
106
2014-25-12
Monday, 12 May 2014 08:25 AM
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