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.

Markowitz pled guilty in 2003 to late-trading criminal charges by then-New York Attorney General Eliot Spitzer. In 2005, Millennium and a number of its executives settled with Spitzer and the Securities and Exchange Commission by paying $180 million.

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