Friday, 29 August 2014
Last updated 10 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."
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 ...