Fraud
Former Goldman Sachs banker admits fraud
A former Goldman Sachs employee has pleaded guilty to insider trading and conspiracy to commit securities fraud admitting he plotted to steal more than $6.7 million.
Eugene Plotkin, 28, of Manhattan, entered the plea in US District Court, where he was charged in April 2006 for his role in a wide-ranging insider trading scheme.
The scam included plans to corrupt a juror and steal market moving tips from a business magazine prior to publication.
Although the charges carry a potential maximum prison term of 165 years, Plotkin signed a plea agreement in which he promised not to appeal any sentence shorter than five years and 11 months in prison.
Mr Plotkin, a former associate in Goldman Sachs’ fixed income research division, was due to go on trial on October 24.
"Words can't express how sorry I am for the harm I have caused to others, especially my family," Plotkin said in court this morning,
His sentencing was set for November 30.
(Published by Times Online, August 28, 2007)
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