The Goldman Sachs banker who helped organise the most clownish and cliched insider trading operation ever may have fled the country, perhaps the only move in the financial criminal handbook these guys hadn’t tried out.
David Pajcin and Eugene Plotkin, who both worked at Goldman Sachs, hatched their famous insider trading plot in a Russian spa in lower Manhattan. They basically tried everything they could, including getting an M&A analyst at Merrill Lynch to give them tips and that always classic insider trading move of stealing future issues of Business Week. They reportedly also paid off strippers to reveal things clients had told them. Tips were forwarded to Pajcin aunt in Croatia, who traded on them.
In all six men were convicted. Pajcin, who got in early on the organising and then got out early by flipping to the Feds in 2005, was sentenced to time served. As part of his probabation, however, he was required to remain under court supervision for three years. Prosecutors think he’s fled the country, according to Bloomberg.
His fellow conspirators are still serving jail sentences for their part in the plot.
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