Former Investment Banker for Goldman Sachs Charged For Passing Information About Possible Mergers
Date : 2nd November
THE SOIL – On Wednesday, a former investment banker for Goldman Sachs (GS.N) was found guilty of passing along information about possible mergers that the Wall Street firm was working on, and he was sentenced to three years in jail in Manhattan.
Federal judge Kevin Castel of the United States District Court in Manhattan jailed 39-year-old Brijesh Goel, a former vice president of Goldman Sachs.
On four counts of securities fraud, conspiracy, and obstruction of justice, Goel was found guilty in June.
A sentence of approximately three and a half years in jail was requested by the prosecution.
![goldman sachs](https://thesoilnews.com/wp-content/uploads/2023/11/105578.Goldman-Sachs.jpg)
Goel Informed His Friend About at Least 6 Possible Mergers in which Goldman was Involved
Prosecutors claim that in 2017 and 2018, Goel informed his friend Akshay Niranjan about at least six possible mergers in which Goldman was involved, including the acquisition of Sprint by T-Mobile (TMUS.O) and the buyout of Spirit Airlines (SAVE.N).
Goel is said to have obtained the knowledge from internal emails of Goldman Sachs and shared it with others while playing squash.
Additionally, by requesting that Niranjan remove texts pertaining to the scheme—which brought him approximately $280,000 in profits—prosecutors claim he impeded the work of a federal grand jury and the Securities and Exchange Commission.
Niranjan agreed to testify against Goel in exchange for not being charged himself.