Convicted Insider Trader Kimelman Gets 2 1/2 Years

Law360, New York (October 12, 2011, 3:21 PM EDT) -- A New York federal judge on Wednesday sentenced former Wall Street trader Michael Kimelman to 30 months in prison for participating in an insider trading scheme that relied on tips about corporate mergers bought from Ropes & Gray LLP lawyers.

Kimelman, a 40-year-old trader who was trained as a lawyer himself, was convicted in June of making about $290,000 by trading ahead of deals involving 3Com Corp. and Clear Channel Communications Inc.

The information was acquired through bribes organized by Zvi Goffer, a former Galleon Group...
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