Ex-Galleon trader sentenced to 10 years in prison

[admin]

Ex-Galleon trader sentenced to 10 years in prison
SAN FRANCISCO (MarketWatch) -- Zvi Goffer, who once worked at Galleon Group, was sentenced to 10 years in prison for insider trading, according to the Department of Justice Wednesday. Goffer used confidential information on public companies, including 3Com Corp. and Axcan Pharma, to earn over $10 million in illegal profits, according to the Justice Department. In addition to the prison term, Goffer was given three years of supervised release and ordered to pay $10 million in forfeiture. He was convicted in June on 12 counts of securities fraud and two counts of conspiracy to commit securities fraud. 3Com has since been bought by Hewlett-Packard .