Latest Business News: Appeals Court Won't Reverse Three Insider Trading Cases

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Latest Business News: Appeals Court Won't Reverse Three Insider Trading Cases

Latest Business News: Appeals Court Won't Reverse Three Insider Trading Cases
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Latest Business News: Appeals Court Won't Reverse Three Insider Trading Cases

by Wochit 1:08 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. Investors took BlackBerry for another trip to the woodshed as they continued to express their disgust over the company?s appalling first-quarter-earnings. Apple's stock perked up on news that the company has trademarked the term "iWatch" in Japan, reminding everyone that, at some point, Apple will finally come out with a new product, one that might get investors excited again.

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