NEW YORK (AP) — A former Goldman Sachs investment banker was found guilty of insider trading on Wednesday after a week-long trial.
Brijesh Goel, 38, of Manhattan, was found guilty in Manhattan federal court of securities fraud, conspiracy and obstruction of justice by a jury that deliberated less than a day before concluding that he had shared secrets about probable M&A deals that Goldman Sachs was considering financing.
Sentencing was set for October 19.
Prosecutors said Goel was working in Manhattan at the investment bank when he shared information about potential merger and acquisition deals with a friend who worked at another investment bank in Manhattan.
Goel and the friend agreed to split the profits from their illegal trade, which amounted to about $280,000, prosecutors said.
Prosecutors said Goel obstructed justice by suppressing electronic communications regarding the insider trading scheme while a grand jury and the U.S. Securities and Exchange Commission investigated.
Adam Ford, an attorney for Goel, declined to comment.