Brijesh Goel had made it from investment banker to a principal at Apollo Global Management when he was arrested for allegedly passing deal tips during his time at Goldman Sachs Group Inc. For now, prosecutors claim he made $85,000 from the scheme.
It’s a staggeringly low number for a banker with Goel’s potential: A vice president at Goldman can make $750,000 a year, while a principal at Apollo can make upwards of $1 million with the promise of much more to come.
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“They do it because they think they’re never going to get caught,” said Jeffrey Cramer, a former prosecutor who is now a senior managing director at security and investigations firm Guidepost Solutions LLC. “It’s free money.”
Source: Big Wall Street Pay Is Risked for Tiny Gains in Insider Cases – Bloomberg
