Former managing clerk at Simpson Thacher gets sentence reduced in insider trading scheme
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A former managing clerk at Simpson Thacher & Bartlett had nine months shaved off his sentence for insider trading.
The former clerk, 44-year-old Steven Metro, was resentenced Wednesday to 37 months in prison for stealing information from his law firm’s computers and passing it to a former law school classmate, report Law360 and the American Lawyer. Metro had pleaded guilty in November 2015 and was originally sentenced in September 2016. A press release is here.
Metro was resentenced after the Philadelphia-based 3rd U.S. Circuit Court of Appeals said the sentence should not be based on profits earned by a stockbroker whose participation in the scheme was not known to Metro. U.S. District Judge Michael Shipp of Trenton, New Jersey, imposed the new sentence.
Metro could be released to a halfway house within a month because of good behavior and his successful participation in a drug abuse program, according to Law360. Shipp also reduced a $2 million judgment obtained by the U.S. Securities and Exchange Commission to $25,000, according to the article.
The scheme netted $2 million in illicit profits over five years. Metro had earned $168,000, according to the press release.
