Monday, 28 July 2014
Last updated 1 hour ago
Sep 1 2011 | 12:30pm ET
Zvi Goffer is singing a very different tune as the former Galleon Group trader and convicted insider-trader faces more than a decade in prison.
Goffer has long proclaimed his innocence; prosecutors say he was the ringleader of one of two interlocking insider-trading rings in the Galleon Case. But in his sentencing memorandum seeking leniency, Goffer offers something of an apology.
"The arrogant swagger of 2007 has been replaced with an honest humility in 2011," Goffer's lawyer, William Barzee, wrote. "Today, Zvi Goffer is a truly remorseful and humbled man."
Barzee appended a letter written by Goffer himself, which called the jury verdict against him "just."
"I know and fully accept the fact that I will be imprisoned for a long time for what I have done," he wrote. Sentencing guidelines call for Goffer to serve between 10 and 15 years.
The sentencing memorandum claims that Goffer's two young sons had changed him, and that Goffer's insider-trading took place over just one year, ending in 2008, when he was "youthful, impulsive and reckless."
Barzee claims that Goffer stopped trading illegally when he founded his own hedge fund, Incremental Capital, that year.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…