The defendant was convicted on eighteen counts, including:
(1) Money laundering
(2) Conspiracy to commit money laundering
(3) Conspiracy to defraud the United States
(4) Obstruction of justice
Reports say that the US Attorney asked the Court, at sentencing, for 22 years; defense counsel requested a five year sentence, arguing that Steiner's long involvement with charitable organizations was a major mitigating factor.
He, together with surviving brother Joel Steinger, face a major criminal trial in September, over the massive Ponzi scheme that they operated for a decade. The sheer volume of the fraud could result in what will, in effect, be life sentences for the pair. the case gave the life settlement industry a permanent black eye, which some observers believe it has not yet recovered from.