Two former Goldman Sachs (NYSE:GS) bankers swapped accusations in court today as a trial over alleged insider trading got underway in New York.
Brijesh Goel, a former vice president at the merchant bank, is alleged to have passed information on numerous deals to his friend Akshay Niranjan in 2017 and 2018.
Prosecutors say Goel passed information on six transactions to Niranjan through passing on emails or discussing what was about to happen while playing squash.
Lawyers for Goel allege the stories were fabricated by Niranjan to cover his own trading.
Goldman Sachs has described Goel's alleged conduct as "egregious" and said it is cooperating with US Attorney on the case.
Niranjan, who is expected to testify under an agreement with the US authorities allegedly traded on the information and agreed to split around $280,000 in profits with Goel.
The case is one of several Attorney Damien Williams has brought as part of a crackdown on insider trading in the US.