As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 13 hours ago
Jun 2 2011 | 3:28pm ET
Prosecutors called their evidence in the second Galleon Group insider-trading trial "overwhelming," urging jurors in their closing statement to convict Zvi Goffer, Emanuel Goffer and Michael Kimelman.
Assistant U.S. Attorney Richard Tarlowe, telling the panel that they "heard the defendant's own voice," again played for the jury several of the "devastating calls" at the heart of the case.
Tarlowe also hammered home the government's contention that Goffer, the alleged leader of the insider-trading ring, did all he could to cover up his actions and those of his co-conspirators, erecting a "smokescreen."
"Why do you conceal what you're doing?" Tarlowe asked of defendant Goffer's use of prepaid cellular phones. "You conceal because you know what you're doing is wrong, and you don't want to get caught."
Emanuel Goffer's lawyer mocked the government's reliance on the prepaid cell phones.
"This case seems like U.S. vs. prepaid phones," Michael Ross complained.
Zvi Goffer's lawyer also dismissed the allegations.
"God forbid somebody finds themselves in the cross-hairs of the federal government," William Barzee told the jury. "They take absolutely innocent facts" and "they twist it to fit their story." Barzee called his client a "habitual exaggerator" who was faking things.
"He wants to pretend he has inside information, he has an edge," Barzee said. Another lawyer for Zvi Goffer, David Pettus, went further.
"He wanted David Slaine's money" when he claimed to have confidential information, Pettus said, referring to one of the prosecution's key witnesses. "He said some really stupid things."
And if he did have word of a deal before its public announcement, that hardly qualifies as insider-trading, according to Barzee.
"It's ridiculous," he said. "It's the real world. Things get out."