Goffer to Pay Over $1M in SEC Penalties

By Ricardo Kaulessar

Remember Zvi Goffer, the former hedge fund manager who got a 10-year jail sentence in June for insider trading. Now, he has to pay over $1 million in fines.

The Securities and Exchange Commission announced on Friday that Goffer agreed to pay penalties in two SEC cases without having to admit or deny the findings.

Goffer will pay $1.25 million as part of the SEC lawsuit against former Goffer associate Arthur Cutillo.

The SEC had accused Cutillo, who worked for the corporate law firm Ropes & Gray, of supplying Goffer with nonpublic information in 2007 of pending acquisitions of 3Com Corp. and Axcan Pharma through private-practice lawyer Jason Goldfarb. Cutillo was sentenced to a 30-month prison term in June.

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