Monday, 3 August 2015
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…