Bloomberg – Michael Steinberg, the longest-serving SAC Capital Advisors LP hedge fund manager to be convicted of insider trading, should be spared years in prison because of what his supporters call his good works.
Federal prosecutors said he deserves as much as a 6 1/2 years for using inside tips on tech stocks to reap more than $1.8 million at the hedge fund run by Steven A. Cohen. Steinberg seeks less than a third of that, citing in part his philanthropy — an argument that has worked before.
