Indian Banker Convicted Of Passing Insider Tips To Friend-Turned-Informant
NDTV
Brijesh Goel was convicted Wednesday of tipping off former Barclays Plc trader Akshay Niranjan about deals at Goldman.
A former Goldman Sachs Group Inc. banker was found guilty of passing inside information on deals to a once-close friend and squash partner who became the prosecution's star witness.
Brijesh Goel was convicted Wednesday of tipping off former Barclays Plc trader Akshay Niranjan about deals at Goldman.Mr Niranjan made some $280,000 in illegal profits trading on the information but later flipped on his friend, recording their conversations and cooperating with federal investigators before taking the stand at Goel's trial in Manhattan federal court.
Jurors returned the verdict after only a few hours of deliberation. Goel put his head down as the jury foreman read the verdict, and his lawyers put their hands on his back in support. He continued to look down as the judge gave farewell remarks to the jurors.
The trial, which began June 12, offered a striking portrait of a close Wall Street friendship torn asunder amid federal scrutiny. According to Goel's lawyers, it was "the ultimate betrayal."
