Insider Trading Lawyer Couple Get Probation

A federal judge in New York today granted downward departures from the sentencing guidelines and sentenced a lawyer couple who pleaded guilty to insider trading to probation.

The husband had cancer and was dependent on the wife's health insurance from her job. The wife wanted to take care of her husband while he was ill.

[Defense lawyer] Breen said that Ms. Collotta's life was a "wreck" because of her actions and she needed to stay out of prison to care for her sick husband, who depends on her for the health insurance provided by her job.... Ms. Collotta tearfully told the court, "I fear that he will die without his wife and his best friend by his side."

The interesting part of the story for me is this comment by the Judge.

"This is one of those cases in which the defendants before the court are at the bottom of the food chain and those who have profited the greatest" are likely to receive a lighter sentence because of cooperation with the government."

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