Right on the heels of the Raj Rajaratnam guilty verdict, another insider trading trial has begun. Fomer Galleon employee Zvi Goffer, his brother Emanuel Goffer, and trader Michael Kimmelman all stand accused of illegal insider trading.

In the same courthouse in which prosecutors racked up the big win over Rajaratnam, a jury will deliberate similar issues. Once again, wiretaps will play a big role in the government's strategy. Prosecutors will likely introduce up to 60 wiretapped telephone calls.

The case is expected to last five to six weeks. It will not feature the star-studded cast of characters that made its way to the witness stand in the Rajaratnam trial. Goldman Sachs Lloyd Blankfein will not appear. But there will plenty to keep the jury from nodding off.

The Goffer brothers and Kimmelman , for example, stand accused of bribing lawyers at law firm Ropes & Gray with tens of thousands of dollars for confidential information on takeover targets. At least one lawyer from the firm will likely testify.

The Goffers and Kimmelman are taking a huge chance, and you would have to think that the Rajaratnam defeat may have them sweating.

Kimmelman will kick himself hard if he's found guilty, as he was offered a chance to plead guilty in return for probation only. Many would have jumped at the offer of no jail time, but he refused, and his lawyers made sure that his decision was publicized. That might be seen as rubbing the prosecutors' noses in the dirt.

Out of 26 people charged in the case, only six decided to fight.

For more:
- here's the article from Hedge Fund Net

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