Steven Markowitz, a former trader at hedge fund Millennium Partners, was sentenced at a Tuesday hearing before New York State Supreme Court Justice James Yates to five years probation. Markowitz must also perform 300 hours of community service. He had faced up to four years behind bars.

"By openly and promptly admitting his wrongdoing and agreeing to cooperate in the ongoing investigations, the defendant greatly helped himself in lessening the consequences of his willful conduct," New York Assistant Attorney General Harold Wilson reportedly told the court.

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