At the same time as a former Barclays Plc dealer was cashing in on insider buying and selling, he stated his day job and private life have been falling aside.
Akshay Niranjan, who traded international foreign money choices for Barclays, stated his buying and selling e-book had been worn out in Might 2017. He additionally broke up along with his fiancee and thought of leaving New York and going again to India. However the identical month he scored a revenue of just about $30,000 by buying and selling on inside data from a pal who labored at Goldman Sachs Group Inc., he stated.
Niranjan is the federal government’s star witness in a Manhattan insider-trading prosecution of Goldman Sach’s former vp Brijesh Goel. The 2 have been shut, squash-playing pals whose ties have been ripped aside amid the federal government investigation of the alleged insider-trading scheme.
Underneath cross-examination by Goel’s lawyer, Reed Brodsky, Niranjan stated his wager on Patheon BV choices, positioned on a tip from Goel weeks earlier than the corporate introduced it was being acquired by Thermo Fisher Scientific Inc., was excellent news.
“On the time, sure,” stated Niranjan. “However at present, sitting right here, it is horrible information. It is one of many worst days.”
Brodsky pressed him on his efficiency on the financial institution. “You had spent months having a revenue in your e-book,” the lawyer stated.
“In sooner or later at Barclays I misplaced Barclays cash,” Niranjan replied.
Brodsky’s questioning was an try to undermine the testimony Niranjan had given the day earlier than, when he stated he had made greater than $280,000 in illicit income buying and selling choices in his brother’s on-line accounts primarily based on suggestions from Goel.
Underneath questioning by prosecutor Sam Rothschild Wednesday, Niranjan stated he acted on Goel’s suggestions, like buying choices in Patheon, however finally got here to imagine that his pal was appearing on data gleaned from confidential Goldman memos.
Brodsky identified that one of many trades allegedly really useful by Goel concerned Chicago Bridge & Iron Co., which was subsequently acquired by McDermott Worldwide Inc.
The lawyer identified that Barclays additionally suggested on the transaction. Brodsky introduced proof indicating that Niranjan, even whereas putting choices orders on the corporate, had obtained a discover from his employer proscribing buying and selling within the inventory.
“I do not keep in mind,” Niranjan stated. “I used to be not introduced over the wall with respect to this transaction.”
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Niranjan’s cross examination continues tomorrow and the federal government stated it expects to relaxation by the top of the day.
The case is US v. Goel, 22-cr-00396, US District Court docket, Southern District of New York (Manhattan).
