If you’ve been convicted on insider trading, you might want to show that you’re really sorry so you’ll have a better chance or receiving a lesser prison sentence.It may have worked for hedge fund manager Drew Brownstein.
Brownstein confessed he bought stock in Mariner Energy on non-public information he received from his friend’s father, a member of the board, that allowed him to reap $2.4 million in illicit profit on his investment, Peter Lattman at the New York Times reported.
He expressed that he was sorry for his actions and that it has basically ruined his life.
Yesterday he was sentenced to one year and one day in federal prison, which was well below federal sentencing guidelines, the report said.
From the NYTimes:
The sentence was below the federal guidelines, which called for a prison term of 37 to 46 months. But the judge issued a sentence higher than the probation officer’s presentence recommendation of six months, which cited Mr. Brownstein’s “genuine remorse” as a reason for leniency.
Even so, Brownstein is not like other big insider traders. He traded a stock on a single tip, while disgraced Galleon chief Raj Rajaratnam, for example, orchestrated a massive insider trading ring.