A former Goldman Sachs banker was convicted of insider buying and selling by a New York jury on Wednesday, after prosecutors mentioned he handed tips on potential mergers to a pal.
On the trial that started in Manhattan on June 12, prosecutors mentioned Brijesh Goel, a former Goldman Sachs vp, tipped his pal Akshay Niranjan to offers the financial institution was contemplating funding in 2017 and 2018.
He was convicted on 4 counts of securities fraud, conspiracy and obstruction of justice.
Goel, flanked by his attorneys, regarded down as the decision was learn.
Prosecutors mentioned Goel gleaned the knowledge on six firms focused for offers — together with Spirit Airways and drugmaker Patheon — from inside Goldman emails, after which tipped Niranjan over video games of squash.
Goel took the stand in his personal protection throughout the trial and denied that he shared confidential details about the transactions.
His attorneys mentioned Niranjan had framed Goel to cowl his personal trades.
Niranjan, who cooperated with prosecutors as a part of a non-prosecution settlement, testified on the trial that he traded on data he acquired from Goel and agreed to separate round $280,000 in income.
Prosecutors agreed to not cost him in change for his cooperation within the case, which included secretly recording conversations the place Goel urged him to delete textual content messages.
The case was one in all a number of US Legal professional Damien Williams introduced final summer time as a part of an insider buying and selling crackdown.
Goel is scheduled to be sentenced on Oct. 19. His attorneys declined to touch upon the decision.
Any sentence can be imposed by the decide primarily based on a number of components.
The fraud and obstruction costs carry most sentences of 20 years. The typical sentence in federal fraud, theft and embezzlement instances within the US final yr was 22 months in jail.