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Larchmont Man Convicted in Insider Trading Case

Larchmont resident Michael Kimelman faces up to 25 years in prison after he was convicted Monday of insider trading.

A 12-person jury found Kimelman guilty of conspiracy and securities fraud crimes in Manhattan federal court, according to an FBI press release. Two co-defendants, Zvi Goffer and Emanuel Goffer, were also convicted.

The charges were in connection with a larger insider trading case that involved the Galleon Group, a large Wall Street hedge fund. According to the FBI, Kimelman turned down a plea bargain on charges of insider trading last month. Had he taken it, he would have received a sentence of probation.

All three men, who worked at Incremental Group, face up to 25 years in prison.

"We will continue to work tirelessly with our partners at the FBI to root out corporate corruption on Wall Street and to hold privileged professionals who gallop over the line accountable for their actions," Manhattan U.S. Attorney Preet Bharara said in a statement.

Kimelman was arrested Nov. 5, 2009 as part of a large-scale case conducted by the U.S. Attorney's Office for the southern district of New York, as well as the U.S. Securities and Exchange Commission. He will be sentenced October 7.

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