NEW YORK (Reuters) - Three former traders who were found guilty in a broad crackdown on insider trading by the U.S. government lost their bids Monday to reverse their convictions.
The 2nd U.S. Circuit Court of Appeals in New York upheld the 2011 convictions and sentences of the former traders Zvi Goffer, Craig Drimal and Michael Kimelman.
Goffer, once dubbed "Octopussy" thanks to his various sources of information, received a 10 year prison sentence in September 2011.
Drimal, who worked at the hedge fund Galleon Group, was sentenced to 5-1/2 years in prison in August 2011. Kimelman, co-founder of trading firm Incremental Capital, received a 2-1/2 year prison term in October 2011.
While the court upheld Goffer's conviction and sentence, it ruled that an order of forfeiture against Goffer needed to be recalculated.
(Reporting by Nate Raymond in New York; Editing by Grant McCool)