SAC's Steinberg asks for two-year sentence
Michael steinberg, who was convicted last year on charges of insider trading Steven a. Cohen of SAC Capital Advisors, A portfolio manager, called for two years in prison, far higher than recommended probation officer short term.
In the 65 - page judgment memo, steinberg's attorney Barry burke argued that his sentence should only have two years in prison mentioned his "character and broader life achievement".
Probation department report suggested Mr Steinberg, the court sentenced to a quarter to 5-4 - shall be sentenced to fixed-term imprisonment of not more than a quarter years on securities fraud and collusion four counts of securities fraud charges his belief in a day.
"Mr Steinberg is individual many admirable characteristics of people - but more importantly, he is a giver and executor, the person of happiness, success and well-being of his family, friends, and many other contribution is the second time to have no," burke wrote a letter to the United States district court judge Richard Sullivan.
Burke says steinberg "don't know, not to mention the authorization, any payment, in order to get inside information illegal", and don't think he is "initiative, it exists before he was charged with conspiracy has joined it."
SAC capital of eight current or former employees have been convicted of insider trading charges. In February, the jury found that Matthew Martoma in SAC capital, before making a portfolio manager, prosecutors said charges from insider trading plan, allow hedge funds in order to make a profit, avoid a loss of $275 million.
In April this year, a federal judge in Manhattan approved $1.2 billion of the criminal reconciliation of insider trading charges, including SAC capital agreed to pay, and accept the hedge fund, pleaded guilty.
SAC capital last month renamed itself Point72 asset management, because it turned to a so-called family office management mainly Cohen their wealth.
At the same time, appeal to the second circuit court in the United States are trial in New York, may influence the sentencing.
The appeal court was set as if convicted of insider trading rules, non-public information of the receiver must know, the source of the cutting-edge benefit from the disclosure.
Reference, burke asked the court to bail steinberg is yet to be light method "the essence of the problem appeal... (question) about whether the government must prove that given to the interests of the dump truck wipes knowledge."
"We had talks with the government, they agreed to bail waiting for appeal request," burke said.
Mr Steinberg is scheduled for May 16 was sentenced.
