Tuesday, 16 September 2014
Last updated 6 hours ago
Dec 13 2011 | 2:17am ET
Michael Kimelman, the former hedge fund trader who rejected a no-jail plea deal in the Galleon Group case only to be convicted and sentenced to two-and-a-half years in prison, began to serve the time he could have avoided yesterday.
Kimelman, a former trader at Incremental Capital, reported to the U.S. Penitentiary in Lewisburg, Pa., a week after Galleon Group founder Raj Rajaratnam began his own 11-year sentence at another federal facility. Kimelman was convicted in June of conspiracy and securities fraud alongside Zvi Goffer, a former Galleon trader who led one of two interlocking insider-trading rings, and his brother, Emanuel Goffer.
That conviction came despite Kimelman's own conviction that he could beat the rap. He turned down prosecutors' probation-only offer just weeks before the trial began, an action his lawyer called "probative of a state of mind devoid of guilty knowledge."
Kimelman announced his new circumstances via an automated response on his e-mail account. The response reads, "This email address is currently at a re-education camp for the indeterminate future and will not be checked. Please try back once its lesson has been learned."
Kimelman's lawyer said his client should have some sort of e-mail access in prison.
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…
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