Today's News Not All Bad For Zvi Goffer

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Yes, he's been accused of being the ringleader of the latest alleged insider trading scam, and could conceivably go to prison, but on the bright side a) he's been recognized as a leader in the field and b) for his achievements, been given a pretty great nickname:

SEC says it has caught "Octopussy." SEC enforcement boss Khuzami says that's what people called Zvi Goffer because "he had his arms in so many insider" trading schemes.

Live-Blog: Insider Trading Arrests/'Galloping' Defendants [WSJ

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The Universe Has Good News And Less Good News For Rajat Gupta

The less good news is that a jury found the former McKinsey executive guilty on three counts of securities fraud and one count of conspiracy for passing material non-public information to his friend*, convicted insider trader Raj Rajaratnam. The good news: 1. Rajat could go to jail for twenty years but probably won't ("Gupta faces up to 20 years in prison on each of the fraud charges and up to five years for the conspiracy charge. But his sentence is likely to be significantly lower under federal guidelines.") 2. Sentencing is scheduled for October 18 so he's got the whole summer and then some into a Zen place about going to prison. Also! Plenty of time to do all those things he was too busy for when he was working. This is gonna be his time. Time to taste the fruits and let the juices drip down his chin. The summer of Rajat! Gupta Found Guilty Of Insider Trading [WSJ] *Friend Rajat's ass.