To be fair, we don’t actually know 1) how much money was raised and 2) if his friend needed a heart. It could’ve been a kidney or liver or a lung. What we do know is that U.S. District Judge Richard Sullivan was somehow unmoved by this argument, made on behalf of ex-SAC employee and convicted insider trader Mike Steinberg: Read more »
SAC’s Steinberg Gets 3.5 Years Despite Raising $22.50 In Brownie Sales For Friend In Need Of A New HeartBy Bess Levin
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]
Ex-SAC Capital PM Mike Steinberg seemed pretty surprised when he was found guilty of insider trading.
Ms. Williams recalled the day when Michael S. Steinberg, a portfolio manager at the hedge fund SAC Capital Advisors, was brought before a Manhattan judge to be read the insider trading charges against him. The police escorted him, in handcuffs, into the Lower Manhattan courthouse through the main elevators rather than the usual back way leading into the courtroom. When Mr. Steinberg emerged from the main elevators, there was a look of utter shock on his face. “Being caught is so out of their wildest dreams,” she said.
Danielle Chiesi was a vision in pink. Read more »
Steve Cohen To Celebrate Very Successful Year With A Nice Little Boat Trip, Is Sorry Employees Had To Hear Him Excoriate The Person Who Answered The Phone At Greenwich Bait ‘n Tackle For Sending Him The Wrong WormsBy Bess Levin
For the moment, however, Cohen is preparing for an end-of-year boat trip, said someone familiar with the matter, and is ending 2013 with an impressive market performance of more than 16 percent returns, according to someone familiar with the figures, despite the legal maelstrom. He was in his office Wednesday, watching Federal Reserve Chairman Ben Bernanke on CNBC, when Steinberg’s verdict was returned. “Guilty,” Cohen muttered in the midst of Bernanke’s televised press conference, a pronouncement that was picked up on SAC’s internal intercom system for traders who hadn’t yet learned the outcome to hear. It was an eerie experience, said someone who was there. [CNBC]
This probably does not come as any more of a surprise to him than it does to anybody else, given (a) that prosecutors are batting 1.000 on insider-trading cases these days, and (b) that he passed out as soon as he saw the jury walk into the courtroom. Read more »
“The government is still hoping for two of the main people they’ve gone after, Mathew Martoma and Mike Steinberg, that they turn on Steve Cohen. The big thing that they want is for…these guys to get convicted, face a long prison term, and when they’re thinking of that prison term, they turn on Cohen…the rub here is that the Steinberg case is not going that well for the government. The government would concede that…it’s not the lay up they want. If you’re going to surmise anything from what I tell you, it’s that Steve Cohen is still a target. That’s not a surmise, he is a target.” [FBN]
Whether your destination is a minimum-security white-collar resort or federal pound-me-in-the-ass prison, you are going to need to get used to life without dwarf-tossing or three-ways with underage girls or taser games and $15,000 umbrella stands. This Goldman Sachs alum can help. Read more »