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Attorney Convicted in Insider Trading Case Disbarred

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published March 29, 2012

By Author - LawCrossing

03/29/12

An appeals court in New York ruled on Tuesday that attorney Michael Kimelman would no longer be allowed to practice law in the New York State. In July, 2011, Kimelman had been found guilty in a Manhattan federal court for counts of security fraud and conspiracy to commit securities fraud. The formal disbarment was made by the Appellate Division, Second Department.

Kimelman's role in insider trading was discovered during the government's broad investigation into irregularities and insider trading in hedge funds, which also led to catching the Galleon Group founder Raj Rajaratnam in 2009.

At the time of his arrest, Kimelman was working as a securities trader at the Lighthouse Financial Group LLC. He had joined the New York bar in 1998. Today, no counsel is listed for him in the disciplinary proceedings.

In a related civil case, on March 20, Kimelman had been ordered to repay $327,837 in profits from the scheme he floated with a former Galleon employee.

United States
Zvi Goffer, the Galleon employee had been tipped off by another attorney (now former attorney) Arthur Cutillo, who worked in Ropes & Gray, on the potential acquisition of 3Com Corp. and other companies in exchange of kickbacks. Goffer shared the information with Kimelman, who made at least $270,000 trading on the information.

Arthur Cutillo pleaded guilty and received a 30-month sentence. Goffer and his brother Emmanuel were sentenced respectively to 10 and 3 years in prison. Kimelman received a 30-month sentence.

Kimelman has also been barred from future participation in the securities industries in a case brought by the U.S. Securities and Exchange Commission.

The case is No. 10639-2011, in the Supreme Court of the State of New York, Appellate Division: Second Department, In the matter of Michael Kimelman.
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