Trader Leans On Rakoff Ruling In Insider Trading Defense
Law360, New York (August 4, 2015, 7:13 PM EDT) -- An attorney for Michael Kimelman, co-founder of trading firm Incremental Capital, told a New York federal judge Tuesday that Manhattan District Judge Jed S. Rakoff’s recent ruling in an unrelated civil insider trading suit supports the argument that he didn’t know the tips he allegedly traded on were disclosed for a benefit.
Accused of having traded on inside information he received from former Galleon Group LLC trader Zvi Goffer, Kimelman is looking to have his conviction tossed in light of the Second Circuit’s December decision in U.S. v. Newman. Prosecutors have said that as a former lawyer, Kimelman knew or should...
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