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United States v. Cole

United States District Court for the Northern District of Ohio
622 F. Supp.2d 632 (2008)


Facts

Robert G. Cole (defendant) worked for 40 years to accumulate a net worth of about $900,000, and his salary put him in the top three percent of all wage earners. Cole, who had no criminal record, was a good father, an armed forces veteran, and involved in his community. The federal government (plaintiff) charged Cole with insider trading. Based on his access to company-confidential information, Cole knew that his employer's earnings would fall below the company's official forecast. Motivated solely by greed, Cole sold his stock in the company before its value plummeted. Cole reaped an enormous profit, to the detriment of the company's other investors. Cole pleaded guilty to the government's charge and repaid the profit. The federal district court judge explained his reasons for sentencing Cole to less jail time, and a higher fine, than the United States Sentencing Guidelines recommended.

Rule of Law

Issue

Holding and Reasoning (Gwin, J.)

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