Ex-SAC Capital’s Steinberg gets 3 1/2 years for insider trading

May 16, 2014

FORTUNE -- Michael Steinberg, a former portfolio manager at SAC Capital, now called Point72 Asset Management, was sentenced Friday to 42 months in prison after being found guilty of insider trading.

U.S. District Judge Richard Sullivan handed down the sentence. Five months earlier a federal jury convicted Steinberg on securities fraud and conspiracy charges. Sullivan also ordered Steinberg to pay a $2 million fine. Steinberg is expected to appeal the sentencing.

MORE: Another SAC trader charged with insider trading

SAC Capital will pay $1.8 billion in total to resolve criminal and civil probes related to a vast insider-trading scheme, Reuters reported. The payment is the largest insider trading settlement in history, according to the U.S. Department of Justice.

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