Fierce Finance reports that former hedge fund trader Zvi Goffer orchestrated a "brazen, sophisticated and extensive" insider trading scheme, and should be sent to prison for 10 to 12-1/2 years, federal prosecutors said in a court filing.
Zvi Goffer could be going away for a long time. By now, given the rush of insider trading activity, you likely do not remember that he chose to fight insider trading charges---and lost.
A New York federal jury found Goffer--a former trader at Raj Rajaratnam's Galleon Group--guilty of 14 counts of fraud and conspiracy. His brother Emanuel Goffer was also convicted of related charges. Zvi Goffer, a man known as Octopussy for his many connections, was a big win for the feds, who described him as a major ringleader.
Goffer claimed “ I was blind, but now I see.” He had become a changed man. "When I got into the business of trading stocks I was in my late twenties. I was a reckless and immature young man who thought the rules did not apply to me. My heroes were people like David Slaine, Craig Drimal and Raj Rajaratnam. Men who made millions of dollars in a ‘day's work.' I wanted to be just like them, and an erroneous lesson I learned early on was that in order to get ahead on Wall Street you had to be willing to ‘get an edge.' And the truth is, I was all too eager to get that edge.
I was willing to go to great lengths, even grossly illegal lengths, to get an edge. Pride and greed were my constant companions. I was lost."
Find out more at http://www.fiercefinance.com/story/convicted-inside-trader-pleads-mercy-says-he-has-changed/2011-09-01
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