Sunday, 23 November 2014
Last updated 2 days 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...