The U.S. Sentencing Commission has updated its guidelines to recommend harsher sentences for Wall Street professionals convicted of insider trading, and the Justice Department agreed with the move. Those within the profession "are routinely presented with the opportunity to commit insider trading offenses, and, thus, higher sentences are needed to ensure that those temptations will not be acted upon," the Justice Department said earlier this year. After the commission's vote Friday, the recommendations are set to go into effect in November, but federal judges will not be obligated to follow the guidelines.

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