Eugene Plotkin Finally Pleads Guilty

Author:
Publish date:
Updated on

When I first started at DealBreaker, I realized quickly that there were a few things you could always count on. You could count on Goldman to be the best, its hedge funds not included. You could count on commenters to never shut the fuck up about totally insignificant errors in grammar and punctuation that they were only pointing out so as to feel good about themselves on an anonymous message board for two seconds as a result of their obviously unparalleled “gotcha!” skills. You could count on quant models to always beat the market. And you could count on a young man, a dancer and a banker, named Eugene Plotkin, who took in more than $6.7 million in an insider trading scheme that was hatched at a Russian bathhouse and included a Merrill Lynch junior analyst, a 63-year old retired Croatian underwear seamstress, an exotic dancer and two former employees from the Wisconsin branch of a BusinessWeek printing press, to claim that he was completely innocent. Today that faith was broken.
The former Goldman Sachs associate pleaded guilty to one count of conspiracy and eight counts of insider trading. Plotkin’s crimes carry a maximum penalty of 165 years in prison, though under the terms of a plea agreement, he only faces 5 years and 11 months (and will also have to turn over the $6.7). Sentencing takes place on November 30. Plotkin told U.S. Magistrate Judge Debra Freeman, “I understand what I did was wrong and against the law'' and said he was “deeply sorry” for his “intent to perpetrate a fraud upon the investing public.'' He said nothing about robbing us of our ability to ever believe again.
Ex-Goldman Associate Pleads Guilty to Insider Trading [Bloomberg]

Related