Monday, 30 March 2015
Last updated 11 min ago
Jul 13 2011 | 11:09am ET
Michael Kimelman, the former hedge fund trader who rejected a no-jail deal in the Galleon Group case only to face 25 years after his conviction, is unsurprisingly none-too-happy with the outcome of his trial. So he's asking for a do-over.
Kimelman, who worked at hedge fund Incremental Capital, has asked a court to throw out his conviction on conspiracy and securities fraud charges and to grant him a new trial. Kimelman was convicted alongside Incremental founder Zvi Goffer, a former Galleon trader, and his brother, Emanuel Goffer, last month.
The twist is that prosecutors offered Kimelman a probation-only plea deal just before the start of the trial that convicted him. His lawyer, Michael Sommer, wrote at the time that the decision "is probative of a state of mind devoid of guilty knowledge," but U.S. District Judge Richard Sullivan barred him from mentioning the rejected deal at trial.
Now, Sommer is back, claiming in a Monday court filing, "there was simply no evidence presented that Mr. Kimelman knew—or even consciously avoided knowing—that Zvi Goffer posssessed insider information about 3Com [Corp.] in August or September 2007."
Kimelman and the Goffers were convicted just weeks after Galleon founder Raj Rajaratnam suffered the same fate.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…