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Law & Crime Breaking News: Appeals Court Won't Reverse Three Insider Trading Cases

Wochit 1:29 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. A Federal judge in New York has tossed out three lawsuits brought by men who said former Elmo puppeteer Kevin Clash sexually abused them when they were underage. The judge said the claims came more than six years after each man reasonably should have become aware of Clash's alleged violations and more than three years after each turned 18. There's at least one other lawsuit pending.

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