Former hedge fund trader Michael Kimelman wants a new trial, arguing in part that prosecutors failed to prove he made improper trades in 3Com Corp. in 2007 based on inside information, according to the Wall St Journal
As a reminder, Mr. Kimelman was convicted along with two other former hedge-fund traders of criminal charges in June, as part of a crack down by prosecutors on insider-trading in corporate America. Mr. Kimelman was convicted of conspiracy and two counts of securities fraud.
Prosecutors had alleged that Mr. Kimelman received nonpublic information from Zvi Goffer, the alleged “ringleader” of the scheme. Mr. Goffer, who was convicted along with his brother and Mr. Kimelman in June, allegedly passed on inside tips about pending deals from two former Ropes & Gray LLP lawyers, prosecutors said….
Find out more at http://blogs.wsj.com/law/2011/07/12/ex-hedge-fund-trader-seeks-new-trial-in-insider-probe/?mod=google_news_blog