Michael Steinberg, a portfolio manager at Steven A. Cohen’s SAC Capital Advisors who was found guilty last year on insider trading charges, has asked for a two-year sentence, far shorter than the term recommended by probation officials. In a 65-page sentencing memo, Steinberg’s lawyer Barry Berke referred to his “character and broader life accomplishments” in arguing that his sentence should be only two years in prison. A report by the court’s probation department recommended that Steinberg be sentenced to a prison term of 4-1/4 to 5-1/4 years for his December conviction on one count of conspiracy to commit securities fraud and four counts of securities fraud. “Mr. Steinberg is a man of many admirable individual characteristics — but more than that, he is a giver and a doer, someone whose contributions to the happiness, success and well-being of his family, friends, and many others are second to none,” Berke wrote to U.S. District Judge Richard Sullivan. [Reuters]

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Comments (14)

  1. Posted by Captain Oblivious | May 5, 2014 at 3:15 PM

    Mt Steinberg, you are a greedy little shitstain on the underpants of society- Judge Sullivan

    I'm

  2. Posted by Danker_Banker | May 5, 2014 at 3:25 PM

    He may be a stand-up guy now but he's going to be a bend-over guy soon enough.

  3. Posted by Captain Oblivious | May 5, 2014 at 3:32 PM

    Mr Steinberg, jelly or syrup on that tossed salad??

  4. Posted by Guest | May 5, 2014 at 3:32 PM

    And he is going to get fucked a lot in prison.

    -UBS MD

  5. Posted by C. Gasparino, Esq. | May 5, 2014 at 3:44 PM

    Ladies and gentlemen of the court, I can vouch for Mike Steinberg's character, he being a friend of mine. No further questions your honor. I rest my case.

  6. Posted by Guest | May 5, 2014 at 3:56 PM

    The sweater vest says "What me, felon?" while the eyebrows say "Manscape me"

  7. Posted by Guest | May 5, 2014 at 4:22 PM

    "Giver"=
    1) $500 Christmas tip he gives the doorman of his Park Avenue co-op.
    2) The rounds of single malt scotch he buys his golfing buddies at Shinnecock Hills.
    3) The Porsche Cayenne he bought his wife just because.
    4) The Yankees Legend Suite Club tickets he gave his gardener when he and the family were in Fiji.

  8. Posted by BNP HR | May 5, 2014 at 4:39 PM

    Is he going to be jumped into the gang by Bernie, Martoma and Raj? I wonder what their gang name is??

  9. Posted by guest | May 5, 2014 at 4:42 PM

    now do the "doer" part!

  10. Posted by guest | May 5, 2014 at 4:48 PM

    Isn't he appealing? And won't he be free pending his appeal?

    My bet is he wins on appeal and never does a day of prison time.

  11. Posted by Mr. Unimpressed | May 5, 2014 at 5:17 PM

    Buy side's new normal:

    1. Legions of mediocre investment managers trying to justify fees for performances that consistently fail to meet that of index funds & ETF's
    2. Ponzi schemes
    3. Hedge fund schmucks going to prison for assorted misdeeds
    4. Activist investors, some of which occasionally and inconsistently produce alpha

    Pity the industries that will be plagued with influxes of despots and snake oil salesmen as Wall Street loses its luster. I'd recommend seeking employment in various government agencies as it's a natural fit; intellectual dishonesty is expected, accountability is as laughable a notion as is the case on Wall Street, government payrolls and budgets are perpetually increasing which makes jobs available, and the compensation while not as obscene is still exponentially higher than comparable private sector jobs that might inadvertently provide some tangible benefit to society!

  12. Posted by Guest | May 5, 2014 at 5:55 PM

    I wasn't with you until the exclamation point. That really drove it home for me.

  13. Posted by Old Money Quant | May 5, 2014 at 6:11 PM

    With a name like Steinberg, I bet he's at Shinnecock every weekend.

  14. Posted by GSMD | May 6, 2014 at 9:54 AM

    Ppl act like he's going to a regular prison, he'll most likely go to a white-collar jail with room service and chinese takeout.