The second trial to result from a massive investigation into insider trading at hedge funds ended on Monday with the conviction of a trio of Wall Street traders on charges that they paid hefty bribes to coax confidential information out of shady lawyers.
A jury reached the verdict against stock trader Zvi Goffer and two others in federal court in Manhattan after deliberating for five days since June 2. It came a month after the conviction of Raj Rajaratnam, the one-time billionaire, who founded the Galleon Group of hedge funds and who was once Mr. Goffer's boss.
Mr. Goffer, his brother Emanuel and Michael Kimelman were convicted of conspiracy to break securities laws. Sentencing was set for September 23 for Mr. Kimelman and October 7 for the Goffer brothers. All three were permitted to remain free on bail pending sentencing.
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The defendants, who had insisted they based trades only on public information, remained calm during the verdict.
David Pettus, a lawyer for Mr. Goffer, said the verdict was a disappointment and would be appealed.