NEW YORK – Brijesh Goel, a former Goldman Sachs Vice President convicted of insider trading, has requested a reduction in his court-ordered restitution. Goel’s legal team is arguing before US District Judge Kevin Castel that the current amount should be decreased from $393,149 to $123,924. The dispute centers around whether Goel should be responsible for covering Goldman Sachs’ legal expenses incurred with Milbank LLP during investigations by the Securities and Exchange Commission (SEC) and the Justice Department.
Earlier this month, Goel received a three-year prison sentence and was fined $75,000. Additionally, he was ordered to forfeit $85,000, which represents a portion of the $280,000 in profits gained from illegal trades based on confidential deal information he leaked to an acquaintance. His attorneys are now challenging the extent of restitution, claiming that the costs exceed what is mandated under the Mandatory Restitution Victims Act.
The case, known as US v. Goel, 22-cr-00396, is being heard in the Southern District of New York (Manhattan). The defense argues that subpoena compliance and witness preparation costs should not be fully borne by Goel. This move comes as part of ongoing legal proceedings to determine the financial repercussions of Goel’s actions on top of his existing sentence and fines.
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