SEC Takes Aim At Another Trader As Galleon Net Expands

Law360, New York (April 18, 2013, 8:22 PM EDT) -- The U.S. Securities and Exchange sued a former trader for Schottenfeld Group LLC on Wednesday for allegedly raking in $350,000 on illegal tips from convicted Galleon insider trading ringleader Zvi Goffer in a scheme that also brought down two attorneys at Ropes & Gray LLP.

The SEC accuses Joseph M. Mancuso of insider trading and says he was a “good friend and colleague” of Goffer’s when the two worked together at Schottenfeld, a proprietary trading firm, in 2007.

Mancuso used inside information ahead of corporate acquisitions...
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