Jason Goldfarb, a New York attorney who passed inside information about mergers and acquisitions to ex-Galleon Group LLC trader Zvi Goffer, was sentenced to three years in prison, Bloomberg tells us.
Goldfarb, 33, today apologized to the court for his crimes and said he hadn’t pocketed the $32,500 he was paid for the tips. Goldfarb, his lawyer and parents said the money went toward his mother’s medical care after she was diagnosed with cancer. His attorney, Michael Soshnick, asked that his client be sentenced to community service rather than time in prison.
“I stand before you a broken man,” Goldfarb said in federal court in Manhattan. “I make no excuses for my conduct. Nobody can or will punish me more than I can punish myself. I’d like to speak at law schools and colleges to discuss the mistakes that I have made,” he said.
U.S. District Judge Richard "No more tears" Sullivan told Goldfarb that he was imposing a prison term because the defendant was a lawyer who broke the law and because insider trading was a serious crime that, for the sake of deterrence, must be punished
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Find out more at http://www.bloomberg.com/news/2011-08-19/lawyer-tied-to-galleon-insider-trading-case-gets-36-month-prison-sentence.html
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