Goffer Brother Gets Three Years

Oct 10 2011 | 12:03pm ET

Emanuel Goffer, convicted alongside his brother and another man of participating in the Galleon Group insider-trading scheme, has been sentenced to three years in prison.

Goffer, who worked at hedge fund Incremental Capital, founded with his brother, was also ordered to pay $760,000 in forfeitures of ill-gotten gains by U.S. District Judge Richard Sullivan, who sentenced Zvi Goffer to 10 years in prison last month.

"This was a deliberate scheme to procure inside information, privileged information, from a law firm by bribing lawyers, by corrupting them to breach their duties to their firm and to their customers," the judge said.

The Goffers were convicted of buying confidential information from lawyers at Ropes & Gray. Emanuel was also convicted of assisting his brother in an attempted cover-up of their illicit actions. Zvi Goffer, a former Galleon trader, was the ringleader of one of two interlocking insider-trading rings.

"You are clearly not your brother," Sullivan said. "But you knew better."

Sullivan did show Emanuel Goffer some mercy: His sentence was significant shorter than the more than five years prosecutors called for, and well less even that the 46 month maximum Goffer's own lawyers sought. The judge also acceded to Emanuel Goffer's request to serve his time alongside his brother at the federal prison in Otisville, N.Y.

"It's a close-knit family," Goffer's lawyer, Michal Ross, said.

Michael Kimelman, the third man convicted at the Goffer trial, will be sentenced this week.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Scene Last Night: Clinton, Schwarzman, Corzine, Neidich, Diamond

Nov 25 2014 | 5:52pm ET

Steve Schwarzman had a granddaughter yesterday morning. Last night he sat one table...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    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…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

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...

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.