Goldman Sachs insider trader seeks to leave the United States
Former Goldman Sachs investment banker Bryan Cohen is seeking to leave the United States, according to documents filed with the New York Southern District Court earlier today. Mr Cohen, who was sentenced for insider trading last year, sent a letter to Judge Pauley, stating that he has now completed the 1,500 hours of community service required as part of his sentence.
Mr Cohen is now seeking permission from the Court to depart the United States.
Mr Cohen has paid all fines, forfeiture and special assessments due in this case. He lacks immigration status in the United States which is a factor reinforcing his application for him to be allowed to arrange a one-way ticket to France.
Let’s recall that, as per judgment delivered on June 9, 2020, Mr Cohen was sentenced to imprisonment for a total term of time served, as well as to supervised release for a term of one year. The defendant has to complete 1,500 hours of community service that helps the neediest and most vulnerable segment of the US population.
Mr Cohen had access to material, nonpublic information (MNPI) relating to corporate transactions, and was under duties and obligations to keep that MNPI strictly confidential. He previously worked in the London office of Goldman, and later transferred to its New York office.
Despite his duties to keep the MNPI confidential, between 2015 and 2017, he stole MNPI from Goldman and passed it to a securities trader based in Switzerland in order to enable the securities trader to place timely, profitable trades based on the MNPI.
Mr Cohen informed the securities trader about corporate acquisitions and provided updates about how the deals were progressing over time. Some of the inside information that he provided related to companies whose securities were listed on United States exchanges. The information that Mr Cohen provided ultimately resulted in substantial profits for the traders who received it and traded based on it. In exchange for providing MNPI he stole from Goldman, Mr Cohen received benefits, including cash, from the securities trader.