Goffer Tipster Gets Six Months

Dec 1 2011 | 12:57pm ET

A former lawyer who pleaded guilty to passing confidential information about clients to a hedge fund manager was sentenced to six months in prison yesterday.

Brien Santarlas testified at the trial of former Galleon Group traded Zvi Goffer that he and another lawyer at Ropes & Gray sent tips about pending mergers to Goffer via another man, Jason Goldfarb. Goffer, the head of one of two interlocking insider-trading rings in the Galleon scandal, was convicted earlier this year of insider-trading.

While U.S. District Judge Richard Sullivan called Santarlas' cooperation with prosecutors "very, very important," he rejected his lawyer's request for house arrest, saying, "it's important that those legal professionals understand they breach those duties at their peril. You don't get a pass."

"I'll never forgive myself," Santarlas said. "I violated my oath as an attorney."

Santarlas was also order to forfeit $32,500.

Santarlas, whose cooperation was described as "critical to the way this case played out" by prosecutor Andrew Fish, did get the lightest sentence of the three men involved in funneling information to Goffer. His fellow lawyer, Arthur Cutillo, was sentenced to two-and-a-half years, and Goldfarb received three.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR