SAC's Steinberg Asks For Two-year Sentence

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SAC's Steinberg Asks For Two-year Sentence

SAC's Steinberg Asks For Two-year Sentence
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SAC's Steinberg Asks For Two-year Sentence

Wochit 0:50 mins

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.

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