Extra: As Goldman Sachs Goel Starts Trial for Insider Trading Cooperator Is Trashed, Smoke Cited - more here

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By Matthew Russell Lee, Patreon Maxwell Book

SDNY COURTHOUSE, June 12 – Former Goldman Sachs investment banker Brijesh Goel was arraigned on insider trading charges on the morning of July 28, 2022. Inner City Press there - although the arraignment had not be listed in the docket, nor announced by prosecutors.

 Goel's case was assigned to U.S. District Court for the Southern District of New York Judge P. Kevin Castel, who held the arraignment.  

  Goel is accused of feeding inside information to his graduate school friend and squash partner Akshay Niranjan, at Barclays. 

On June 12, 2023, after jury selection, the trial began with opening arguments. Inner City Press was there and live tweeted, thread here:

All rise! Judge Castel: And now, the government opening. Assistant US Attorney: Six times, Goel took inside information from Goldman Sachs. For example, in Calgon Carbon Corporation....

AUSA: Goel did this through his friend Akshay Niranjan. But then Niranjan moved to London. Goel wanted his money - and $85,000 was wired to him. The FBI showed up. Goel admitted he had shared confidential memos from Goldman Sachs. But he also lied...

 AUSA: So Goel wanted to reach out to Niranjan. But he didn't call directly. He went to the gym in his luxury building & had an attendant call for him, to try to leave no record of the call.... They met in a stairwell and whispered. Goel said, Don't reveal anything

AUSA: They met again in the stairwell and went through Niranjan's phone. But by then his friend Niranjan had agreed to help with the FBI. He had already saved the messages on his phone. He recorded Goel

AUSA: In this trial, you will hear the defendant whispering. You will hear from Niranjan himself.  As all of these proof comes in, pay close attention. Follow Judge Castel's instructions. If you do so, you will find Goel guilty

Judge Castel: Alright, defense opening. Goel's lawyer: Niranjan has fabricated his story, this trial will show, in exchange for him not to be deported, which was his biggest fear.

Goel's lawyer: They are going to ask you convict Mr. Goel on the testimony of just one man.  We're going to march through this and get to the truth. As I understand, Mr. Niranjan is going to say, I didn't want to receive inside information! I didn't know!

Goel's lawyer: Mr. Niranjan would have you believe he was tricked by Mr. Goel into an insider trading scheme. We submit that this story does not make sense. The US cites a secret account - and yes, Mr. Goel didn't know about it.

 Goel's lawyer: Niranjan has been practicing his script with the government. Wait until we have a chance to cross examine him. Other than him, there is practically no evidence - despite them calling it a five year inside trading conspiracy

 Goel's lawyer: They'll emphasize the 2 men played squash together. So, sure, they texted each other. Nothing nefarious about that. On the obstruction of justice charge, the evidence is actually going to show there was no obstruction. Brijesh did say, let's delete

 Goel's lawyer: But Brijesh went to so say, DON'T delete. It was Niranjan who deleted, while trying to get his non prosecution agreement. Let me tell you about Brijesh. He grew up in a modest home in India, and went to the Harvard of India. Then U Cal Berkeley 2013

 Goel's lawyer: He worked at Goldman Sachs until 2021, and now at Apollo. He's on leave - to their credit, they are taking a wait and see approach -- AUSA: Objection! Judge Castel: Let me see you at sidebar

They're back. Goel's lawyer: Brijesh got married in 2014, to a doctor. She unfortunately is not present --

AUSA: Objection!

Judge Castel: Let me see Mr. Ford at the sidebar.

 After a long sidebar, Ford is back.

Ford: Let's talk about Niranjan. They met at Berkeley. Notwithstanding their friendship, Niranjan was jealous of Mr. Goel's success... Now let's talk about the 6 supposed tips. There was six trades, only two of which made money

Ford: We will admit that Goel for three months violated Goldman Sachs' policy against trading in individual stocks. It was brief. But Goel sent Niranjan $12,000. Why would he do that if Niranjan owed him money? Nirajan started doing a lot of illicit drugs

Ford: We'll show that Niranjan suffered from cannabis use disorder, which may have impacted his memory... I'll close with this. As with the Canadian forest fire smoke, all this can seem murky. But as with the smoke, in a week we'll clear it up. Thank you.

Judge Castel: Jurors, we'll see you tomorrow. [Jury leaves] Judge Castel: Tomorrow I'll give them the standard legal instruction. We are adjourned.

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