While the hedge fund community focuses its attention on the impending Raj Rajaratnam verdict, all eyes (well, lots of eyes) next week will be fixated on the “Octopussy” insider trading trial. This case is near and dear to my heart, as I traded with and personally know many of the defendants, cooperating witnesses and Government informants. One of the guys I know best, Mike Kimelman, has literally risked it all to defend his good name.
Mike is an attorney, formerly with Sullivan and Cromwell, and a Chartered Financial Analyst. He has a beautiful wife, and three young children whom he adores. I know that the prospect of spending time in prison (up to 45 years!) scares him to death. That said, I also know that Mike deeply believes in his innocence and will not accept the Government’s plea deal. Accepting such a deal will result in his losing his licenses, and will forever taint his good name. Mike will fight to regain his reputation and take his chances with a jury of his peers. Very risky business, indeed.
As the Reuter’s article below sets forth, this is an incredible, high stakes game of chicken, and so far Kimelman and his attorneys have not blinked. I strongly believe not only in Mike’s innocence, but I also feel that he has a great chance to prove this in court. I will be covering this trial over the next several weeks in great detail for Hedge Fund Live.
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