Brooklyn Rabbi Convicted of Extorting SAC Capital
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Milton Balkany, a Brooklyn rabbi, was convicted on charges he tried to extort $4 million from Steven Cohen’s SAC Capital Advisors LP by claiming he could prevent a federal inmate from telling authorities about alleged insider trades.
Balkany, 64, was convicted of all four criminal counts of extortion, blackmail, making false statements and wire fraud. The trial began Nov. 1. The wire fraud conviction carries a maximum sentence of 20 years in prison.