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Abstract: 

Amidst several years of doctrinal confusion about what does and does not constitute illegal insider trading, less attention has been paid to what actually happens at the conclusion of insider trading prosecutions when defendants appear in court for sentencing. It is notable that judges have used harsh language at sentencings to describe the seriousness of insider trading, but then have imposed sentences below the minimums provided in the Sentencing Guidelines. What accounts for this discrepancy? In this article, the authors assess recent insider trading sentencing proceedings and evaluate the factors that may be contributing to the outcomes.

Keywords: United States v. Kosinski; Below-Guidelines Sentences

Affiliations:  1: Morvillo Abramowitz Grand Iason & Anello P.C.; 2: Morvillo Abramowitz.