Former SAC Capital trader fined $2 million

Michael Steinberg, a former top trader at SAC Capital, has been sentenced to three and a half years in prison and a $2 million fine by a federal court, the New York Times reports.

Last year, Steinberg was convicted of generating $1.8 million in profits through insider trading.

Read: Former SAC exec wanted illegal trading edge, says prosecutor

He’s out of custody and plans to appeal his sentence, says the Times. His lawyers were arguing for two years in prison, while prosecutors wanted up to six and half years. Seven other former SAC Capital employees, as well as the firm itself, have been found guilty of related insider trading.

Read more here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.