Ruined - Young Banker's Career In Tatters
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Shpigelman said he was foolish enough to become involved with two former junior Goldman staff, David Plotkin and David Pajcin (both of whom have pleaded not guilty to insider trading), and admitted to providing tips on 6 pending M&A deals. Whilst the others, who allegedly plotted a number of schemes to obtain price sensitive information (including using strippers, engaging a Croatian seamstress and planting spies in a business which printed Business Week magazine), are said to have made $6.7m from the alleged insider trading, Shpigelman received just $12,000. And 37 months in clink.
The former Merrill analyst told a Manhattan courtroom Friday that 'I realize my actions are inexcusable. I should have walked away from the situation, but I didn't have the strength'. Shpigelman's lawyer said that 'he's made a mistake he'll pay for for the rest of his life'. His mother expressed concern about the jail time, saying that 'I know my son. I am afraid the stress of prison may break him'.
Prosecutor Benjamin Lawsky said, however, that 'Shpigelman did this for the oldest reason in the book. Greed and desire to make bundles and bundles of money'. The trial judge, Kenneth Karas, said that the stiff sentence he imposed sent a message to those with privileged backgrounds that they could not flout the law without facing the consequences.
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