Tuesday, 29 July 2014
Last updated 16 hours ago
Sep 15 2011 | 1:27pm ET
Federal prosecutors have responded to former Galleon Group trader Zvi Goffer's unusual plea of leniency, saying his humble claim "rings hollow."
Goffer last month wrote a letter to U.S. District Judge Richard Sullivan, taking a measure of responsibility for the crimes which he was convicted of earlier this year. "I know and fully accept the fact that I will be imprisoned for a long time for what I have done," he wrote—he'd just prefer is a "long time" was less than the 10 to 15 years called for by federal sentencing guidelines. His lawyer, William Barzee, wrote that the "arrogant swagger of 2007 has been replaced with an honest humility in 2011."
Nonsense, prosecutors said in their sentencing memorandum for the alleged ringleader of one of two interlocking insider-trading rings in the Galleon case. They asked for a sentence of between 10 years and one month and 12 years and seven months.
"Goffer's assertion that his 'swagger' at the time of his criminal offenses has been replaced with an 'honest humility' is belied by, among other things, his conduct over a long period of time during his criminal scheme and the timing of his new claim," prosecutors wrote. "Goffer's claim of a newfound humility rings hollow, as it followed his conviction by a jury and resulting exposure to a substantial term of imprisonment."
Goffer is set to be sentenced next Thursday.
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…