Sunday, September 4, 2011

Wall Street Trader was sentenced to 66 months

A former Wall Street trader sentenced to 66 months in prison for insider trading.

Drimal also was convicted on Wednesday by u.s. District Judge Richard Sullivan to three years of supervised transition and ordered to pay more than 11 million dollars in fines, according to Manhattan's U.S. Attorney's Office.

Craig Drimal pleaded guilty to five counts of securities fraud and one count conspiracy back in April.

Prosecutors charged that Drimal made over 10 million dollars from trading on inside information obtained from the recently convicted hedge fund manager, Zvi Goffer, two lawyers from the company law firm ropes & Gray, and a third lawyer who had his own company.

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