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A hedge fund trader that’s been accused of insider trading in connection to the Galleon ring, rejected a plea deal that would have seen him spend 0 hours in jail.Michael Kimelman is so “sure of innocence” that he turned down the government’s offer of probation, in return for a guilty plea, Reuters reported.
Now he faces the possibility of a 45 years prison sentence if he’s found guilty.
Kimelman’s trial is set to begin next week.
His lawyer said that his client’s decision to turn down the government’s offer is “probative of a state of mind devoid of guilty knowledge.” Ie. Who would do this unless you were totally confident about your innocence?
His lawyer also said, “It bears emphasising that Mr. Kimelman did not just reject a plea agreement. He rejected a non-jail sentence.”
Kimelman and his attorney are hoping to be able to highlight this fact during trial; federal prosecutors will try and bar the rejection from being mentioned.
Kimelman is accused of trading 3Com and Axcan shares based on insider information.