NEW YORK (CBSNewYork/AP) — Closing arguments have begun in the New York trial of three men arrested in what prosecutors call the biggest hedge fund insider trading probe ever.
The arguments were expected to last all day Wednesday. They’ll include the replaying of some of the hundreds of taped phone conversations made by the government.
Prosecutors have said the defendants, led by Zvi Goffer, conspired with lawyers at a Manhattan firm. Authorities say they used secrets about pending mergers and acquisitions to get ahead in the stock market.
The trial has three defendants, including two brothers. Defense lawyers say the men only traded based on public information.
It’s the second trial to result from the probe. In the first, the founder of Galleon Group hedge funds was convicted on insider trading charges.
Sound off in our comments section below…
(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)