Friday, January 22, 2010

Seven More Indicted in Galleon Insider Trading Case

Federal prosecutors have announced grand jury indictments against seven additional defendants in what the government has called the largest hedge fund insider trading probe ever.

Among the newly indicted defendants are Craig Drimal, 53, whom prosecutors said worked in Galleon's offices but was not employed there, and Zvi Goffer, 33, who worked at Galleon and later started the Incremental Capital trading firm.

Others indicted include three others associated with Incremental: Zvi Goffer's brother Emanuel Goffer, 31; Michael Kimelman, 38, and David Plate, 34; Arthur Cutillo, 33, who had been a lawyer at Ropes & Gray LLP; and another lawyer, Jason Goldfarb, 31.

Of course, it is highly questionable whether insider trading should be illegal. And the government flunkies prosecuting these cases doesn't have the balls to go after real insider traders.

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