Former hedge fund manager, Mark E. Lenowitz (pictured) was sentenced on Thursday after two years as a cooperating witness in the government’s Wall Street insider trading investigation.
Judge Sidney H. Stein of the U.S. District Court in Manhattan ordered a sentence of three years of probation, having initially indicated that he was inclined to impose a prison sentence for failure to cooperate.
The New York Times reports that after learning that Lenowitz’s cooperation had in fact resulted in investigators having the leverage they needed to turn a former hedge fund colleague, David R. Slaine, into a crucial undercover informant in the Galleon Group insider-trading, Judge Stein reconsidered Lenowitz’s disposal.
Lenowitz pleaded guilty to insider trading in July 2007.
