Insider trading ringleader 'Octopussy' apologizes

AP News
Posted: Aug 31, 2011 8:00 PM
Insider trading ringleader 'Octopussy' apologizes

A stock trader nicknamed the Octopussy because he had his hands on so much inside information has told a New York judge before his sentencing that he's a changed man.

Zvi (tsvee) Goffer was convicted in June of securities fraud and is weeks away from sentencing.

He said in a letter filed Wednesday in Manhattan federal court that he's learned there is more to life than trying to "beat" other people in any way he can. He says he now realizes that his warped perceptions of "survival of the fittest" and "everyone is doing it" were poor excuses to keep him in denial about his crimes.

Goffer was among more than two dozen people convicted in what prosecutors called the biggest hedge fund insider trading case in history.

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