Former Diamondback Capital portfolio manager Todd Newman asked a judge for 'leniency' last week when he is sentenced next month as part of a $72m insider-trading conspiracy.
The New York Post reports that Newman, who faces up to 78 months in prison, claims he should receive a much lighter sentence because he pocketed only $442,761 on his trade - just 12% of the $4m the government claims.
Newman was convicted by a Manhattan federal court jury in December, along with hedge fund Level Global co-founder Anthony Chiasson, for illegal trades in computer maker Dell and software firm Nvidia.
In a letter to Judge Richard Sullivan, Newman’s lawyer, Stephen Fishbein, argued that the sentencing guidelines are unfair because prosecutors didn’t consider how much his client earned from the crime.
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