Former Barclays trader testifies against former Goldman Sachs exec regarding insider info given while playing drunk squash
Per Business Insider
A former Golden Sachs trader is being alleged to have given insider information while playing drunk squash. A former Barclays trader testified on the issue.
The allegations were against Brijesh Goel, a former Goldman trader, claiming that he gave sensitive information while playing squash. This was a scheduled game between Goel and Askshay Niranjan, a former Barclays trader.
Despite already having gone out for drinks, Goel was reportedly still able to show up to the court. This resulted in Goel suggest that Niranjan buy options in a company called Lumos Pharma.
According to Bloomberg, Goel followed up on Niranjam and jsut a few days later, the company's stock price increased due to an announcement of it being bought. The trade reportedly resulted in a $2,000 profit.
It was noted that Lumos was just one of the eight companies being shared to Niranjam. During the course of 2017, it was noted that the two made $280,000.
In March, it was reported that the DOJ and SEC were looking for new types of insider trading cases. They were specifically looking for prearranged trading plans.
It was noted that a former Tesla Motors Australia director had been sentenced to two years and six months for insider trading.
See flow at unusualwhales.com/flow.
Other News:
- The Justice Department and the Securities and Exchange Commission are hunting for a new type of insider-trading case
- Former Tesla, $TSLA, Motors Australia director has been sentenced to two years and six months for insider trading
Resources: