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White collar crime charges dropped against Michael Steinberg

Those accused of insider trading or other financial fraud in Florida will want to have effective criminal defense counsel by their side before proceeding to court. In some instances, an experienced criminal lawyer's intervention can lead to white collar crime charges being dropped. In a recent case, the charges against Michael Steinberg, former executive with SAC Capital, were dismissed in a federal District Court.

Steinberg and six others had been accused of insider trading. A conviction against the former portfolio manager was overturned in the U.S. Court of Appeals for the Second Circuit. This ruling and the subsequent dismissal of charges allowed the former financial lieutenant to avoid more than three years in prison and a $2 million fine. The six other people also involved in the alleged insider trading scheme had entered guilty pleas and were said to have been cooperating with prosecutors before the charges against them were also dropped.

Steinberg's attorney recently issued a public statement saying that he hopes the dismissal will receive as much media attention as did the accusations. He also stated that his client is innocent and looks forward to moving on with his life. The U.S. Attorney who initially prosecuted the case has reportedly had 14 of 87 convictions involving insider trading dismissed or over turned since 2009.

Any Florida resident who is being investigated for or has been charged with white collar crime has the right to contact an experienced criminal attorney. Retaining the assistance of a seasoned legal advocate can typically benefit a person who is seeking to build a strong defense. This is often all the more important in facing federal criminal charges because the stakes are high, the issues complex and the potential consequences of a conviction severe.

Source: jewishvoiceny.com, "Insider Trading Charges Tossed Against SAC's Steinberg", Sam Deustch, Oct. 28, 2015

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