PREET BHARARA, the United States Attorney for the Southern District of New York, announced that EMANUEL GOFFER was sentenced today in Manhattan federal court to three years in prison for his participation in an insider trading scheme in which he obtained and traded on material, nonpublic information (“Inside Information”), including information misappropriated from a law firm. Following a four-week jury trial, EMANUEL GOFFER was convicted in June 2011 on all counts against him, including two counts of securities fraud and one count of conspiracy to commit securities fraud. GOFFER was sentenced today by U.S. District Judge RICHARD J. SULLIVAN.
Manhattan U.S. Attorney PREET BHARARA stated: “Emanuel Goffer went to extreme lengths to conceal his role in a tangled web of insider traders who have all been convicted for illegally trading on proprietary information about public companies. With today’s sentence, he will now be punished for his crimes.”
According to the indictment, a complaint previously filed in this case, and the trial evidence:
In 2007 and 2008, EMANUEL GOFFER obtained Inside Information from his brother, ZVI GOFFER, about mergers and acquisitions of public companies, and traded based on that information. The Inside Information included information provided by two attorneys, ARTHUR CUTILLO and BRIEN SANTARLAS, regarding potential acquisitions of 3Com Corporation and Clear Channel Communications, Inc. CUTILLO and SANTARLAS delivered the Inside Information to JASON GOLDFARB, another attorney, who provided it to ZVI GOFFER. ZVI GOFFER then delivered it to EMANUEL GOFFER, among others, and EMANUEL GOFFER then used it to execute trades. EMANUEL GOFFER made combined profits exceeding $750,000 based on these trades. In an effort to avoid detection by law enforcement, EMANUEL GOFFER used a prepaid cellular telephone to communicate with other participants in the scheme, including ZVI GOFFER, and also engaged in trading strategies designed to conceal his insider trading.
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1 comment:
These kind of people should learn a lesson very well for them to stop getting involve into such kind of frauds. These are the reasons why most people don't succeed and almost fail, and even the market or industry is hurt as well, even companies. Looks like they have to get back with the series 65 study guide and learn their lessons all over again.
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