And in a very rare move the judge even ordered Rabbi Milton Balkany to be locked up instantly because she was “seriously concerned” he might try to run if he was allowed to remain free on bail.
As a reminder, Balkany tried to extort SAC Capital out of $4 million by claiming he would help them cover up insider trading allegations.
(He also claimed during his court case that he knew of insider trading in the FrontPoint-French doctor scandal, but that’s not why he’s going to jail).
The rabbi plead guilty back in December. His lawyer argued that his client chose Cohen because he’d heard the founder of SAC Capital was “Jewish and … rich.”
In the judge’s opinion, Balkhany should have been locked up for longer.
From the Post:
“The lack of contrition, remorse and acceptance of responsibility, in my mind, is profound,” she said.
But [Judge] Cote cut Balkany a break from sentencing guidelines that recommended at least seven-plus years behind bars, citing his “lifetime of good works” and the “generosity of spirit” attested to in 87 letters of support.
According to the Post, after he was read his sentence, he “smiled and blew kisses to about a dozen family members as he was led off by deputy U.S. marshals.”
And then he said: “Have a good shabbos.”
While his attorney told the court that Balkany “would remain silent due to a planned appeal,” when the opportunity presented itself for him to talk, “he launched into an impromptu, 20-minute speech” during which he apparently got ‘so excited he had to adjust his adjust his yarmulke to keep it from falling off.”