Monday, 25 July 2016
Last updated 33 min ago
Jun 3 2011 | 1:06pm ET
A jury in lower Manhattan has begun mulling the fates of the three men charged in the second Galleon Group insider-trading trial.
U.S. District Judge Richard Holwell handed the case to the panel yesterday afternoon after both sides finished their closing statements. They ended the day without a verdict and will resume their deliberations on Monday.
Zvi Goffer, Emanuel Goffer and Michael Kimelman face securities fraud and conspiracy charges. If convicted, they could spend as much as 25 years in prison.
Yesterday's proceedings opened with the last portion of Kimelman's closing argument. Sommer blasted the government's case as misleading, telling the jury, "you deserve to get it straight. People's futures are at stake."
In his rebuttal, prosecutor Andrew Fish argued that the case was straight-forward.
"In the end, this is a case about corruption," he said. "These guys wanted to make millions of dollars."
The Goffers and Kimelman worked at hedge fund Incremental Capital, founded by Zvi Goffer after he left Galleon and Schottenfeld Group. The three men were allegedly part of one of two interlocking insider-trading rings in the case, with Zvi Goffer at the helm. The other ring was headed by Galleon founder Raj Rajaratnam, convicted of insider-trading just days before the second trial began.