A former Goldman Sachs banker was convicted by a Recent York jury on Wednesday of insider trading, after prosecutors said he gave a friend tips on potential mergers.
In the course of the trial, which began in Manhattan on June 12, prosecutors said Brijesh Goel, a former Goldman Sachs vp, gave his friend Akshay Niranjan tips on deals the bank was considering in 2017 and 2018.
He was convicted of 4 counts of securities fraud, conspiracy and obstruction of justice.
Goel, surrounded by his lawyers, looked down as the decision was read.
Prosecutors said Goel gleaned information concerning the six corporations targeted within the deal – including Spirit Airlines and pharmaceutical company Patheon – from Goldman’s internal emails, then tipped Niranjan about squash games.
Goel stood up for himself throughout the trial and denied sharing confidential transaction information.
His lawyers said Niranjan framed Goel to cover his own deals.
![Goldman Sachs logo](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000012292413.jpg?w=1024)
Niranjan, who cooperated with prosecutors under a non-prosecution agreement, testified at trial that he traded information received from Goel and agreed to share roughly $280,000 in profits.
Prosecutors agreed not to charge him in exchange for his cooperation within the case, which included secretly recording conversations wherein Goel urged him to delete text messages.
The case was one of several announced by U.S. Attorney Damien Williams last summer as part of an insider trading hearing.
Goel is due to be sentenced on October 19. His lawyers declined to comment on the decision.
![The floor of the New York Stock Exchange](https://nypost.com/wp-content/uploads/sites/2/2023/06/NYPICHPDPICT000011553304.jpg?w=1024)
Each penalty can be imposed by the referee based on several aspects.
Accusations of fraud and obstruction of business carry a maximum sentence of 20 years. The typical sentence in federal fraud, theft and embezzlement cases in the USA last 12 months was 22 months in prison.