Three more traders convicted in New York

June 13, 2011 at 5:26 PM
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NEW YORK, June 13 (UPI) -- A New York jury convicted former Galleon hedge fund trader Zvi Goffer and two others of insider trading that added up to $20 million in illicit gains.

Authorities have leveled insider trading charges against a number of traders and company insiders connected to the Galleon Group hedge fund, The New York Times reported Monday.

Raj Rajaratnam, founder of the hedge fund, was convicted last month on insider trading charges.

In Monday's verdict in Manhattan, Goffer, who left Galleon and founded Incremental Capital in 2008, was found guilty of 14 counts of conspiracy and securities fraud. His brother Emanuel Goffer and co-founder of Incremental Capital Michael Kimelman were found guilty of conspiracy and two counts of securities fraud.

The conspiracy convictions carry a possible penalty of five years in prison. Each securities conviction could result in up to 20 years in prison.

Zvi Goffer is scheduled for sentencing on Sept. 21. His brother and Kimelman are scheduled for sentencing on Oct. 7.

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