Former Goldman Sachs (NYSE:GS) banker Brijesh Goel, convicted of insider trading, is pleading for no jail time, arguing that his ruined career and potential deportation to India are significant penalties. The sentencing by US District Judge P. Kevin Castel is set for November 1, 2023.
Goel was found guilty of leaking confidential Goldman Sachs deals to Akshay Niranjan, a Barclays (LON:BARC) trader and close friend. He initially claimed that Niranjan had set him up, but later expressed remorse for his misconduct and apologized to Goldman Sachs.
Before his arrest, Goel had transitioned from Goldman Sachs to Apollo Global Management (NYSE:APO). His lawyers criticized the non-prosecution agreement that allowed Niranjan, who made the majority of the $280,000 illegal profits from the leaked information, to avoid punishment.
Goel's status as a deportable immigrant convicted of a crime means he would likely serve his sentence in a low-security facility with potentially violent inmates. This is contrary to the usual practice for first-time, non-violent offenders who typically serve in minimum-security facilities. His defense team argues that his career downfall and potential deportation are severe enough penalties, negating the need for additional prison time.
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