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]
Guy Convicted Of Orchestrating Largest Insider Trading Scheme Ever Would Like Out Of Prison, Please
Mathew Martoma wants a new trial.
Prison Puts A Damper On Once Friendly Working Relationship
The Times reports that the friction between Raj Rajaratnam and Rajat Gupta around the Federal Medical Center Devens is more than a little palpable.