In the Courts

An Ohio man was sentenced to serve one year and one day in prison for insider trading despite an advisory guideline sentence of 30-to-37 months' imprisonment. See United States v. Cole, No. 08-CR-327, 2008 WL 5204441 (N.D. Ohio Dec. 11, 2008). Robert G. Cole pled guilty to securities fraud in violation of 15 U.S.C. ” 78(j)(b) and 78(ff). The basis for Cole's lenient sentence was discussed at length in the court's sentencing opinion. U.S. District Court Judge James S. Gwin cited several reasons for imposing the non-guideline sentence, including the defendant's age (66 years), his prior decorated service in the army in the Vietnam war, and his community service. The court also identified other mitigating circumstances. After considering all relevant sentencing factors set forth in 18 U.S.C. ' 3553(a), the court concluded that “imprisonment, combined with an $180,000 fine, acts as a greater deterrent to others similarly situated to Cole than a thirty-month prison term.” The court noted that the $180,000 fine it imposed on Cole constituted approximately 20% of Cole's net worth and was appropriate for Cole's crime, which the court found was committed out of greed.