Arab Today, arab today exsac manager gets 42 months in jail for insider trading
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Ex-SAC manager gets 42 months in jail for insider trading

Arab Today, arab today

Arab Today, arab today Ex-SAC manager gets 42 months in jail for insider trading

New York - AFP

A federal judge Friday sentenced Michael Steinberg, a former portfolio manager for SAC Capital, to 42 months in prison following his conviction for insider trading. US Judge Richard Sullivan imposed a sentence longer than the 24 months sought by Steinberg's attorneys, but shorter than the 63-78 months prosecutors had argued for. A New York jury in December convicted Steinberg after concluding he garnered some $1.9 million in illegal profits through insider information about Dell and other technology companies that was relayed to SAC through a chain of business contacts, some of whom received money for the tips. One of eight ex-SAC employees now convicted of insider trading, Steinberg was close to SAC founder Steven A. Cohen, whose firm in November pleaded guilty to insider trading and paid $1.8 billion in penalties. Cohen has not been charged criminally. SAC has since been renamed Point72 Asset Management, and is barred under a settlement with authorities from trading on behalf of clients. Instead, it will oversee Cohen's personal fortune, estimated at $9-10 billion. Steinberg's attorneys argued he should receive a lenient sentence as a "remote" recipient of the tips who "did not know about, let alone authorize, any payments to obtain illegal inside information," they said in a brief. But prosecutors characterized Steinberg as a seasoned financial operator who understood the trades were based on illegally obtained information, even if he was not aware of payments. Steinberg pressured an underling at SAC to obtain "edgy, proprietary information" that could make money and benefitted financially much more than the original tipsters, the government said. Steinberg's attorneys are expected to appeal the verdict, amid questions raised in a related case over whether Judge Sullivan gave jurors correct instructions.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today exsac manager gets 42 months in jail for insider trading Arab Today, arab today exsac manager gets 42 months in jail for insider trading

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today exsac manager gets 42 months in jail for insider trading Arab Today, arab today exsac manager gets 42 months in jail for insider trading

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday