Thu, Apr 26, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Feds uphold 10 year sentence of Zvi Goffer

Tuesday, July 02, 2013

Precy Dumlao, Opalesque Asia:

The U.S. 2nd Circuit Court of Appeals on Monday upheld the 10 year conviction of stock trader Zvi Goffer nicknamed "Octopussy" because of the numerous access he had to various sources of inside information, it was learned.

In a report by the Green Field Reporter, the Federal Court has concluded that Goffer, with two others, accused in what was then believed to be the biggest insider trading case in history, were properly convicted and sentenced.

The three-judge panel of the Manhattan appeals court rejected the arguments of Goffer’s lawyers questioning the use of wiretaps in the securities fraud case. Government prosecutors were believed to have used extensive wiretaps in the insider trading probe that eventually convicted two dozen defendants, including a one-time billionaire Raj Rajaratnam who managed a $7bn hedge fund.

The Israeli-born Goffer was charged with conspiring to pay two lawyers with a bribe amounting to nearly $100,000 in 2007 and 2008 for inside tips on mergers and acquisitions. He was believed to have earned an estimated $10m from transactions resulting from the inside tips.

Prosecutors told the court that Goffer utilized prepaid mobile phones to prevent detection of the crime and destroyed the SIM cards after each successful inside tip.

Goffer, a former trader at Galleon Gro......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its