Prosecutors Seek 63 Months For Goffer's Brother

Oct 3 2011 | 12:14pm ET

The brother of one of the Galleon Group insider-trading scandal's ringleaders should spend up to five years in prison, prosecutors argued Friday.

In a sentencing memorandum filed with U.S. District Judge Richard Sullivan, the government said that Emanuel Goffer's "active participation in this brazen insider trading scheme warrants a substantial sentence" of up to 63 months in prison. Federal sentencing guidelines call for a sentence of between 51 and 63 months if Sullivan considers Goffer's trades in Hilton Hotels Corp. shares, and 41 to 51 months if he doesn't.

According to prosecutors, Goffer, convicted in June of conspiracy and securities fraud, passed confidential information to his brother, Zvi, co-founder with Emanuel of hedge fund Incremental Capital, and made payments to tipsters. He also helped his brother attempt to cover up their illegal activity.

Sullivan last month sentenced Zvi Goffer, who formerly worked at Galleon Group, to a decade behind bars.

In their own sentencing memorandum, Emanuel Goffer's lawyers argued for a sentence of less than 46 months. The defense team said that their client plays a major role in raising his 3-year-old son, who is failing to meet "age-appropriate gross motor milestones."


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain Capital: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of