Wednesday, 1 April 2015
Last updated 26 min ago
Nov 3 2010 | 2:57am ET
In his client's defense, the lawyer for the rabbi accused of trying to extort $4 million from SAC Capital Advisors' Steven Cohen essentially pleaded guilty—in his opening statement.
Of the blackmail scheme Milton Balkany is accused of hatching, Benjamin Brafman told the jury, "He merely engaged in a stupid plan. You want to find him guilty for using bad judgment?"
"For that, we plead guilty today."
Brafman said Balkany sought the money from Cohen—in exchange for the silence of a Jewish felon who claimed to have proof SAC had been involved in insider trading in 2004 and 2005—because he knew Cohen was both Jewish and "rich."
According to Brafman, investigators, with SAC's cooperation, kept Balkany "coming back and talking, so that, eventually, they'd conclude he committed a crime."
The only problem with Brafman's argument, according to prosecutor Jesse Furman, is that Balkany did commit a crime when he tried to blackmail Cohen into donating the money to a pair of struggling Orthodox Jewish schools in Brooklyn, one of which Balkany served as dean.
Furman said they had Balkany on tape accepting the checks from a SAC lawyer—part of a sting operation—and assuring him that "Mr. Cohen and SAC were in the clear."
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…