According to the NY Post, lawyer-turned-trader Michael Kimelman, who believed so strongly in his innocence that he turned down a no-jail plea deal offered by prosecutors last month to try to beat the federal government's insider-trading charges at trial, saw that decision blow up in his face yesterday.
A Manhattan federal court jury convicted the 40-year-old former Galleon Group executive of securities fraud and conspiracy charges -- meaning Kimelman faces up to 25 years in prison when sentenced Oct. 7.
The refusal of the get-out-of-jail-free card couldn't have turned out worse.
Former hedgie Michael Kimelman — who was convicted on insider-trading charges yesterday — burned his get out of a jail free card when he passed up a plea deal with the feds.
Also convicted yesterday was a second Galleon trader, Zvi Goffer, dubbed "Octopussy" for his many sources, who passed along tips to Kimelman based on illegal insider information, and his brother, Emmanuel. All three were partners at start-up hedge fund Incremental Capital….
Find out more at:
http://www.nypost.com/p/news/business/blown_up_trade_s7clSc5IRXI1pV6uEZVhoN
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