Trader Cops To Role In Galleon Spinoff Scheme

Law360, New York (April 26, 2011, 2:18 PM EDT) -- Craig Drimal, a trader who worked closely with employees of Galleon Group LLC, pled guilty Tuesday in New York to trading on inside information about acquisitions passed along by ex-Ropes & Gray LLP lawyers.

The defendant admitted to making $6.4 million in profits from trading on illicit tips about mergers involving 3Com Corp. and Axcan Pharma Inc. in 2007, entering his plea just five days after alleged co-conspirator Jason Goldfarb pled guilty to related crimes.

The case, related to the insider trading probe of Galleon co-founder...
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