The U.S. Court of Appeals for the Third Circuit has ordered a new sentence for former Simpson, Thacher & Bartlett employee Steven Metro, finding his 46-month sentence on insider trading charges wrongly hold him responsible for the actions of others.
Metro, who pleaded guilty to giving out stock tips based on information he obtained at the firm about pending mergers and acquisitions, was wrongly sentenced based on the entire $4.6 million proceeds of the scheme even though others were involved, the appeals court said.
