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Business

Convicted Galleon trader Zvi Goffer denied bail

By
Michelle Celarier
Published Jan. 23, 2015, 10:24 p.m. ET

There will be no jail break for convicted insider trader Zvi Goffer.

The former trader, serving a 10-year sentence as part of Raj Rajaratnam’s Galleon Group network of fraudsters, was denied bail Friday while he challenges his conviction.

Goffer had asked for bail based on the new and recent legal standard of what constitutes insider trading.

Known as “Octopussy” while he worked at Galleon, Goffer was convicted of insider trading in 2011.

Prosecutors said he personally bribed lawyers to disclose confidential information about pending mergers.

An appeals court in December overturned convictions of hedge fund managers Todd Newman and Anthony Chaisson, saying they did not know that the source of the illicit information they traded on had received a financial benefit.

Goffer’s case is substantially different, the judge said. He “not only had direct knowledge of the tippers’ receipt of a benefit but also personally directed the payment of cash to tippers in exchange for material non-public information,” Judge Richard Sullivan wrote in denying him bail.