US jails three in huge fraud case

A FORMER lawyer and Wall Street trader caught up in the US government’s crackdown on insider trading that ensnared Galleon founder Raj Rajaratnam was last night ordered to serve two years and six months in prison for his role in the case.

Michael Kimelman, who co-founded trading firm Incremental Capital with brothers Zvi Goffer and Emmanuel Goffer, was convicted by a Manhattan federal court jury in June on securities fraud and conspiracy charges alongside the Goffers.

Rajaratnam, who was convicted in May, is due to be sentenced today.