Bloomberg
Milton Balkany, a Brooklyn, New York, rabbi, was ordered to serve four years in prison for trying to extort $4 million from Steven Cohen’s SAC Capital Advisors LP.
U.S. District Judge Denise Cote sentenced Balkany today in Manhattan. Balkany, 64, was convicted by a federal jury in November of extortion and blackmail charges after he threatened to disclose insider trading by SAC. There was no evidence at the trial that he had any such evidence.
“Just because you lead a charitable institution doesn’t give you a pass to commit extortion and fraud,” Cote told Balkany in court. “You tried to extort $4 million from a hedge fund.” [...]
Milton Balkany, a Brooklyn, New York, rabbi, was ordered to serve four years in prison for trying to extort $4 million from Steven Cohen’s SAC Capital Advisors LP.
U.S. District Judge Denise Cote sentenced Balkany today in Manhattan. Balkany, 64, was convicted by a federal jury in November of extortion and blackmail charges after he threatened to disclose insider trading by SAC. There was no evidence at the trial that he had any such evidence.
“Just because you lead a charitable institution doesn’t give you a pass to commit extortion and fraud,” Cote told Balkany in court. “You tried to extort $4 million from a hedge fund.” [...]
Four years is way too short a sentence, IMHO.
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