Galleon Trader Drimal Pleads Guilty

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.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.