Betracksuited Galleon trader Zvi Goffer got some bad news today:
Zvi Goffer, the ex-Galleon Group LLC trader, was sentenced to 10 years in prison for his role in a scheme to trade on inside information provided by lawyers. …
“I view this as a tragic day,” said U.S. District Judge Richard Sullivan, who handed down the sentence in a hearing today in Manhattan federal court. “Anything less than that would send the wrong message.”
Zvi, presumably, also viewed it as not one of his best days. It’s also of interest to upcoming main event Raj Rajaratnam, scheduled to be sentenced next week and whose sentence is presumably floored by Goffer’s. Raj, however, can take some solace from rumors that Judge Sullivan is particularly harsh on white collar offenders; he might do relatively better.
Here’s an update of our chart with Goffer added and with Judge Sullivan’s sentences broken out, suggesting that they are in fact above average: Continue reading »
Former Galleon employee Zvi Goffer, his Emanuel Goffer and Michael Kimelman, their partner at Incremental Capital, were found guilty this morning on “fraud and conspiracy to commit insider trading” charges. They each face 25 years in prison, meaning it’s going to be along time before another one of these: Continue reading »
Earlier today, US prosecutors rested their case against former Galleon employee Zvi Goffer, who like his old boss Raj, has been accused of insider trading. Here’s what Assistant U.S. Attorney Richard Tarlowe had to tell the jury:
Tarlowe urged the jury to consider why the three men used prepaid phones that they subsequently destroyed, why Zvi Goffer spoke on recordings about creating what he called a “divergence” that would conceal the reason for trades, why Zvi Goffer referred on recordings to “our guy,” and why he and Kimelman spoke so often about the legal documents that prosecutors say were used in deals that Ropes & Gray worked on. “Think about why they were doing things like that,” Tarlowe told jurors. “The defendants are guilty as charged.”
And here’s what Goffer’s lawyer had to say about all that: Continue reading »
If you’ve been closely following the government’s Insider Trading Fest(ivus) 2010/2011 you know that one thing that’s emerged is a detailed guide to how one should go about destroyed evidence of securities violations that a jury would not look upon kindly. Garrett Bauer spoke to us at length about the benefits of washing versus burning dirty money while Donald Longueuil, the foremost expert on the matter, provided a step-by-step guide to getting rid of incriminating USB drives (you’ll need: two pairs of pliers, four plastic baggies, one North Face fleece). Yesterday, an (alleged) accomplice of (accused) insider trader/former Galleon employee Zvi Goffer added a chapter on getting rid of a cell phone that could cause trouble. Continue reading »
Perhaps inspired by how well Raj Rajaratnam’s decision to plead not guilty and take his insider trading charges to trial, Zvi Goffer AKA Mr. Octopussy AKA Dances with Tracksuits has done the same, a week after having six extra accusations of securities fraud added to his file. Continue reading »
Ahead of his trial for insider trading, the array of insider information that Zvi Goffer AKA Mr. Octopussy AKA Dances with Tracksuits allegedly dipped each and every one of his tentacles in has resulted in 6 extra charges, bringing the ex-Galleon trader and founder of Incremental Capital’s total to 14. Continue reading »
Prosecutors are counting on recordings made by former Galleon trader Franz Tudor as key evidence against Zvi Goffer and other defendants in the wide-ranging insider trading case, new documents reveal. Continue reading »
