Friday, 25 July 2014
Last updated 6 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…