Ex-Goldman Sachs Banker Bryan Cohen Pleads Guilty in Insider Case

PHOTO: Wall Street Journal

7 January 2020

SWISS INFO (BLOOMBERG) — A Goldman Sachs Group Inc. investment banker ensnared in a global insider-trading ring pleaded guilty in New York to conspiracy, admitting he stole confidential information from the bank and passed it to a trader in Switzerland.

Bryan Cohen’s guilty plea on Tuesday came as another alleged participant in the ring, Telemaque Lavidas, stands trial in the same Manhattan courthouse. Cohen, 33, was arrested in October and accused of passing tips about pending mergers using burner phones and speaking in code. He was scheduled to go on trial on Feb. 4.

Cohen admitted during a hearing Tuesday that he’d agreed in 2015 to provide non-public information in exchange for cash. In October 2017, he tipped off a trader that Buffalo Wild Wings Inc. had been approached by another company for a takeover, Cohen told U.S. Magistrate Judge Debra Freeman.

“I did so in return for money,” said Cohen, who was terminated by Goldman after his arrest last year. “I will regret forever my actions, and the irreversible implications on my family, my friends, the investment bank I worked at for nearly 10 years, and my colleagues.” […]

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