Prosecutors Reject Goffer's Professed 'Humility,' Seek Decade In Prison

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.


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.