Former Galleon Group trader appeals for reduced prison sentence

2 September 2011

A former trader with the Galleon Group has appealed for a reduced jail sentence after being convicted on charges of conspiracy and securities fraud earlier in the year.

Zvi Goffer, a former hedge fund trader known as ‘Octopussy’, was convicted on 14 counts in June at a Manhattan court, alongside his brother Emanuel Goffer and Michael Kimelman.

He was charged with using insider tips to profit on trades made on drug firm Axcan Pharma and network equipment maker 3Com Corp.

Mr Goffer, who was quoted by Reuters, appealed for leniency in a letter claiming he was now a changed man compared to how he was when committed the crimes over three years ago.

“I stand before the Court today a humbled man who in many respects is not the same brash, reckless, irresponsible man who committed these crimes."

"I will use this opportunity to become a better son, a better husband and a better father."

Mr Goffer’s lawyer called for a sentence below the minimum advised term of ten years by the authorities.

He is expected to be sentenced in September.

By Jim Ottewill

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