By Scott Shifrel
DAILY NEWS STAFF WRITER
Monday, June 13th 2011, 1:35 PM
Jury rules (r. to l.) Michael Kimelman, Zvi Goffer and his brother Emanuel are guilty of insider trading.
Three hedge fund managers were found guilty Monday of insider trading.
Zvi Goffer, his brother Emanuel Goffer and Michael Kimelman illegally paid for non-public information in order to get a jump on their competitors, a Manhattan jury found.
The three were caught up in a massive investigation of insider trading on Wall Street that has lead to 21 guilty pleas - and four convictions.
Prosecutors told jurors in Federal District Judge Richard Sullivan's courtroom that the Goffer brothers and Kimelman paid two lawyers more than $100,000 in 2007 and 2008 to get secret information about pending mergers.
Feds focused on the three and their Incremental Capital group as part of the hedge fund investigation into one-time billionaire Raj Rajaratnam, who was found guilty last month and is scheduled to be sentenced July 29.
"Zvi Goffer may have had a reputation in the hedge fund world for being ubiquitous, but today he, along with his brother Emanuel and Michael Kimelman, discovered they are not above the law," said U.S. Attorney Preet Bharara.
Goffer, 34, who once worked for Rajaratnam, is slated to be sentenced in Manhattan Federal court in September.
Emanuel Goffer, 32, and former trader Kimelman, 40, are scheduled to be sentenced in October.
All three remain out on bond and face more than 20 years in prison. http://www.nydailynews.com/news/ny_crime/2011/06/13/2011-06-13_hedge_fund_bosses_guilty_of_insider_trading.html
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.