SAC’s Steinberg Seeks to Limit Prison Term to Two Years
This article is for subscribers only.
SAC Capital Advisors LP’s Michael Steinberg, convicted of insider trading in December, should be sentenced to no more than two years in prison, less than half the sentence recommended by the court’s probation department, his lawyers said.
Steinberg deserves leniency because he was tried “as a remote tipee, four levels removed from the insider tippers,” didn’t initiate the insider-trading conspiracy and didn’t know about or authorize any payments for insider information, said Barry Berke, his attorney, in a filing in federal court in Manhattan yesterday.