Breaking News Headlines: Appeals Court Won't Reverse Three Insider Trading Cases

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Breaking News Headlines: Appeals Court Won't Reverse Three Insider Trading Cases

Breaking News Headlines: Appeals Court Won't Reverse Three Insider Trading Cases
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Breaking News Headlines: Appeals Court Won't Reverse Three Insider Trading Cases

Wochit 1:13 mins

Three former Wall Street traders who were charged in a broad crackdown on insider trading by the U.S. government lost their bids to reverse their convictions and sentences.. The 2nd U.S. Circuit Court of Appeals in New York upheld the 2011 convictions and sentences of traders including Zvi Goffer, once dubbed "Octopussy" after the James Bond film thanks to his various sources of information. The ruling allows to stand the 10-year sentence handed to Goffer, 36, a former trader at Schottenfeld Group. Goffer's sentence was the third-longest U.S sentence for insider trading. Scott London, a former partner at accounting firm KPMG, has pleaded guilty in Los Angeles to a securities fraud charge for providing insider information to a friend who plied him in return with cash bribes, a Rolex watch and other luxury items. Germany's Der Spiegel and Britain's The Guardian have published stories with new claims about U.S. surveillance, citing NSA documents leaked to them by Snowden.

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