Michael Steinberg

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Charge:	Insider Trading
Sentence:	3-1/2 years & $2 million fine
Years Imprisoned:
Year Crime:
Year Convicted:	2013
Year Cleared:	2015
U.S. State or Country of Crime:	New York - Federal Case
County or Region of Crime:	New York
City of Crime:	New York City
Result:	Judicially Exonerated
Summary of Case:	"Michael Steinberg, Jon Horvath, Jesse Tortora, Spyridon Adondakis, Sandeep Goyal, Danny Kuo, and Hyung Lim were codefendants wrongly convicted of insider trading charges in the SAC Capital Advisors case prosecuted in Manhattan, New York City. Steinberg was wrongly convicted in December 2013 of conspiracy to commit insider trading. The other six defendants pled guilty in exchange for a lesser sentence, and several acted as a cooperating witness against Steinberg. After his conviction by a jury Steinberg was sentenced on May 16, 2014 to 3-1/2 years in federal prison, and ordered to pay a $2 million fine. Steinberg was released on bail pending the outcome of his appeal. In October 2015 Manhattan U.S. Attorney Preet Bharara announced he would be making motions to dismiss the chages against seven people convicted of insider trading, including Horvath. The dismissals were in response to the U.S. Second Circuit Court of Appeals ruling in USA v. Todd Newman and Anthony Chiasson, No. 13-1837-cr (L), 13-1917-cr (con), (2nd Cir. 12-10-2014), reversing their convictions based on insufficient evidence of their guilt because the prosecution must prove an individual charged with insider trading knew an insider had turned over confidential information for financial gain. The government had no such evidence against any of the defendants in the SAC Capital Advisors case, so it had insufficient evidence of their guilt."
Conviction Caused By:
Innocence Proved By:	"On October 22, 2015 motions by Manhattan U.S. Attorney Preet Bharara were granted by the U.S. District Court to dismiss the indictments against the seven codefendants due to a lack of evidence they committed insider trading."
Defendant Aided By:
Compensation Awarded:
Was Perpetrator Identified?
Age When Imprisoned:
Age When Released:
Sex:	Male
Skin/Ethnicity:	White
Information Source 1:	"U.S. Prosecutor to Drop Insider Trading Cases Against Seven, By Matthew Goldstein (Staff), The New York Times, October 22, 2015"
Information Location 1:	http://www.nytimes.com/2015/10/23/business/dealbook/us-prosecutor-to-drop-insider-trading-cases-against-seven.html
Information Source 2:	"USA v. Todd Newman and Anthony Chiasson, No. 13-1837-cr (L), 13-1917-cr (con), (2nd Cir. 12-10-2014) (Vacating convictions and ordering dismissal of indictiment with prejudice)"
Information Location 2:	http://www.ca2.uscourts.gov/decisions/isysquery/f040b97d-8ed1-44bf-a76e-5f6b6c946c03/1/doc/13-1837_opn.pdf#xml=http://www.ca2.uscourts.gov/decisions/isysquery/f040b97d-8ed1-44bf-a76e-5f6b6c946c03/1/hilite/
Information Source 3:	"USA v. Newman et al, No. 1:12-cr-00121-RJS (U.S. District Court, Southern District of New York (Foley Square)) (Docket last viewed 10-25-2015)"
Information Location 3:
Information Source 4:	"Ex-Trader at SAC Fund Is Sentenced to 3 Years, By Matthew Goldstein, The New York Times, May 16, 2014"
Information Location 4:	http://dealbook.nytimes.com/2014/05/16/ex-sac-capital-trader-steinberg-sentenced-to-3-12-years/
Information Source 5:
Information Location 5:
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Michael Steinberg

Charge:

Insider Trading

Sentence:

3-1/2 years & $2 million fine

Years Imprisoned:

Year Crime:

Year Convicted:

2013

Year Cleared:

2015

U.S. State or Country of Crime:

New York - Federal Case

County or Region of Crime:

New York

City of Crime:

New York City

Result:

Judicially Exonerated

Summary of Case:

Conviction Caused By:

Innocence Proved By:

"On October 22, 2015 motions by Manhattan U.S. Attorney Preet Bharara were granted by the U.S. District Court to dismiss the indictments against the seven codefendants due to a lack of evidence they committed insider trading."

Defendant Aided By:

Compensation Awarded:

Was Perpetrator Identified?

Age When Imprisoned:

Age When Released:

Sex:

Male

Skin/Ethnicity:

White

Information Source 1:

"U.S. Prosecutor to Drop Insider Trading Cases Against Seven, By Matthew Goldstein (Staff), The New York Times, October 22, 2015"

Information Location 1:

http://www.nytimes.com/2015/10/23/business/dealbook/us-prosecutor-to-drop-insider-trading-cases-against-seven.html

Information Source 2:

"USA v. Todd Newman and Anthony Chiasson, No. 13-1837-cr (L), 13-1917-cr (con), (2nd Cir. 12-10-2014) (Vacating convictions and ordering dismissal of indictiment with prejudice)"

Information Location 2:

http://www.ca2.uscourts.gov/decisions/isysquery/f040b97d-8ed1-44bf-a76e-5f6b6c946c03/1/doc/13-1837_opn.pdf#xml=http://www.ca2.uscourts.gov/decisions/isysquery/f040b97d-8ed1-44bf-a76e-5f6b6c946c03/1/hilite/

Information Source 3:

"USA v. Newman et al, No. 1:12-cr-00121-RJS (U.S. District Court, Southern District of New York (Foley Square)) (Docket last viewed 10-25-2015)"

Information Location 3:

Information Source 4:

"Ex-Trader at SAC Fund Is Sentenced to 3 Years, By Matthew Goldstein, The New York Times, May 16, 2014"

Information Location 4:

http://dealbook.nytimes.com/2014/05/16/ex-sac-capital-trader-steinberg-sentenced-to-3-12-years/

Information Source 5:

Information Location 5:

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