Attorney Imprisoned for Insider Trading Is Disbarred

Attorney Imprisoned for Insider Trading Is Disbarred
The New York Law Journal by Andrew Keshner  -  April 5, 2012

An attorney serving a three-year sentence for his role in an insider-trading scheme has been disbarred. The Appellate Division, Second Department, has disbarred Jason Goldfarb for his role in relaying confidential information from two Ropes & Gray attorneys, Brien Santarlas and Arthur Cutillo, to Zvi Goffer.  Goldfarb, formerly of Brecher Fishman Pasternack Walsh Tilker & Ziegler, pleaded guilty to conspiracy to commit securities fraud and two counts of securities fraud in April 2011. Despite leniency pleas from nearly a dozen family, friends and clients, Southern District Judge Richard Sullivan sentenced Goldfarb in August to concurrent three-year sentences on each count (NYLJ, Aug. 22, 2011).  Goldfarb was automatically disbarred under Judiciary Law §90(4)(a) for the convictions. The panel noted that in a June 2011 letter sent to the court Goldfarb did not object to the disbarment and noted his "remorse." "He wished the Court to know that he was motivated by the desire to help his parents, who, experiencing difficulties, had turned to him for financial assistance," the panel wrote in Matter of Goldfarb, 2011-05749.  Cutillo was sentenced in June to 21/2 years in prison while Santerlas, who cooperated with law enforcement, was ordered to serve six months in December. Goffer was sentenced to 10 years in prison in September.

Related Story:

The "Other" Jason Goldfarb Who Isn't Going To Jail
Forbes by Contributor Walter Pavlo  -  September 15, 2011

On August 19th, Jason C. Goldfarb was sentenced to three (3) years in prison for his role in one of the insider trading cases that has dominated Wall Street headlines this summer. For most of us, it was just news of the day but for Jason R. Goldfarb of Woodmere, New York it meant that he had some explaining to do.  Jason R. is an attorney in the New York area where he works for a telecommunication company…but he has no connection or relation to Jason C. who is heading to federal prison. But life gets interesting when you share the same, uncommon name, as a convicted felon.  “My Dad called me back in November ’09 and said, ‘some reporter called me today from the New York Times asking for a comment about your arrest,” Jason R. told me. ”I was completely shocked” It was then that Jason R. found out about a “Jason C.’s” arrest.  At first, Jason R. thought it was interesting that he shared the same name with the infamous Goldfarb but soon he found it necessary to send an email to family and friends assuring them that he had not been arrested, investigated nor was he going to prison. To clarify things, Jason R. even went as far as putting up the following on his LinkedIn profile:  A Federal Complaint was released to the media on 11/05/09 alleging insider trading by several individuals, one of whom is an attorney named Jason Goldfarb. Unfortunately, we share the same name, but I am NOT this individual.  I bet he never thought this would be part of his resume.  Jason R. had recently thought about taking this disclaimer down about the “other” Goldfarb from his LinkedIn profile when he received notice over the summer that the New Jersey State Bar had taken action to suspend his law license due to “his guilty plea on insider trading charges.” Jason R. contacted the Ethics Committee and told them, “you suspended the wrong Jason Goldfarb”. The situation was handled and allegations against Jason R. were dropped….one can only hope that charges against Jason C. were resumed.  Jason R. recounted a story of being absent from Temple services at his synagogue for a few days. The next time he came through the doors a fellow member of the synagogue hugged him and said, “Thank God. I thought it was you,” obviously relieved to see Jason R. Amazing how much people care for you when they are relieved you were not arrested.  If you are a Linked In connection or Facebook friend of Jason R. Goldfarb, you will be happy to know that he is alive, well and happy in Woodmere. Any gossip that you had ready for the class reunion can be tossed out the window….but Jason C., you are going to be the talk of the town for a while.