Former Goldman Sachs Associate Pleads Guilty to Insider Trading
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A former Goldman Sachs Group Inc. associate pleaded guilty to making more than $6.7 million by engaging in an insider trading scheme, reversing his initial claim of innocence. Eugene Plotkin, 28, who worked in the bank’s fixed-income research division, pleaded to one count of conspiracy and eight of insider trading in a scheme that involved secret information about pending Merrill Lynch & Co deals, magazine stock tips, and an exotic dancer. The crimes carry a maximum penalty of 165 years in prison, Assistant U.S. Attorney Helen Cantwell said in court. Under the terms of a plea agreement with the government, Plotkin would face five years and 11 months when he’s sentenced November 30, she said. Plotkin also agreed to forfeit the money that he earned.