N.Y. trader gets 2½ years in huge insider case
Posted: 12:32 pm Wed, October 12, 2011
NEW YORK — A Wall Street trader convicted in a massive probe of insider trading at hedge funds has been sentenced to 2½ years in prison.
Michael Kimelman was convicted in June of conspiracy to trade on confidential information.
The government said Kimelman and two co-defendants paid hefty bribes to coax confidential information out of lawyers. The defendants insisted they based trades on public information.
An earlier trial resulted in the conviction of Raj Rajaratnam. The one-time billionaire, who founded the Galleon Group, was the investigation’s biggest target.
The case has resulted in more than two dozen convictions.
Hedge fund trader Emanuel Goffer, was sentenced Friday to three years in prison. His brother, Zvi Goffer, was sentenced last month to 10 years.
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