United States v. Cole
United States District Court for the Northern District of Ohio
622 F. Supp.2d 632 (2008)
Robert Cole (defendant), a longtime professional with no criminal record who had built a net worth of about $900,000 over 40 years, pleaded guilty to insider trading after selling his company stock -- using confidential knowledge that earnings would miss forecasts -- just before the stock's value fell, reaping a large profit at other investors' expense. Cole repaid the profit, and the sentencing judge explained his reasons for imposing less prison time but a higher fine than the Sentencing Guidelines recommended.
Whether the retributive theory of criminal sentencing bases a defendant's punishment on his past conduct and its effect on his victims, rather than on deterring future crime.