Saturday, 30 August 2014
Last updated 1 day ago
Apr 27 2011 | 1:34pm ET
Former Galleon Group trader Craig Drimal has pleaded guilty to insider-trading.
Drimal entered his plea yesterday in Manhattan federal court on conspiracy and securities fraud charges. He is the 21st person to plead guilty in the case.
"He deeply regrets his actions and is now focused on his future with his wife of 30 years and his three children," Drimal's lawyer, JaneAnne Murray, said.
Drimal's plea came less than a week after U.S. District Judge Richard Sullivan rejected his bid to have the wiretaps at the center of the case against him thrown out. Drimal asked Sullivan to exclude them because the Federal Bureau of Investigation listened in on and recorded phone calls between Drimal and his wife, including one "deeply personal and intimate discussion about their marriage."
Sullivan blasted the FBI's "apparently voyeuristic intrusion," but would not exclude the wiretaps.
Drimal was set to go on trial on May 16 alongside fellow former Galleon trader Zvi Goffer, the alleged head of the second of two interlocking insider-trading rings, and two other men; the other was allegedly headed by Galleon founder Raj Rajaratnam.
Drimal faces up to 105 years in prison when he is sentenced on Sept. 9.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...