Tuesday, 16 September 2014
Last updated 1 hour ago
Jul 1 2013 | 12:24pm ET
For the second time in as many weeks, a federal appeals court has refused to throw out a hedge-fund insider-trading conviction.
The Second Circuit Court of Appeals in Manhattan rejected the appeals of Zvi Goffer, Craig Drimal and Michael Kimelman. The three were convicted in 2011 of participating in one of two interlocking insider-trading rings in the Galleon Group case; both Goffer and Drimal, the latter of whom pleaded guilty in the case, were former Galleon employees.
Last week, the Second Circuit upheld the conviction of Galleon founder Raj Rajaratnam, who is serving an 11-year prison sentence.
While the court upheld all three convictions and sentences, including Goffer’s 10-year term, it ordered that the order of forfeiture against Goffer be recalculated.
Drimal was sentenced to five-and-a-half years in prison and Kimelman, who worked with Goffer and Goffer’s brother, Emmanuel, who was also convicted, at hedge fund Incremental Capital, to two-and-a-half years. Kimelman had rejected a no-bail plea deal before the trial.
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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