A federal appeals court on Monday refused to disturb the insider trading conviction of Galleon Group hedge fund founder Raj Rajaratnam, one of the most prominent defendants in the U.S. government's wide-ranging probe into insider trading.
Galleon Group co-founder Raj Rajaratnam’s conviction for directing the most extensive insider-trading scheme in U.S. history was upheld by an appeals court, which ruled the government’s use of wiretaps was proper.
Rengan Rajaratnam, 42, who worked as a portfolio manager at the Galleon Group of funds founded by his brother, is accused of illegal insider trading involving the stocks of Intel, Advanced Micro Devices and Clearwire, among others.
The Buy Side, by former Galleon Group trader Turney Duff, portrays an after-hours Wall Street culture where drugs and sex are rampant and billions in trading commissions flow to those who dangle the most enticements.
The New York Time reports that U.S. prosecutors are readying insider trading charges against Rajarengan Rajaratnam, a younger brother of the imprisoned hedge fund manager Raj Rajaratnam, according to a person briefed on the case.
Preet Bharara, the United States Attorney for the Southern District of New York, has announced that ROOMY KHAN has been sentenced to one year in prison.
Galleon Group LLC co-founder Raj Rajaratnam, who is serving 11 years in prison for insider trading, agreed to pay $1.5m to settle a civil case brought by the U.S. Securities and Exchange Commission.
Arrests tied to the insider-trading case involving Galleon Group LLC made obtaining illegal tips harder and often less specific, an analyst for former Diamondback Capital Management LLC fund manager Todd Newman testified.
The Securities and Exchange Commission has charged a former senior executive at a Silicon Valley technology company for illegally tipping convicted hedge fund manager Raj Rajaratnam with nonpublic information that allowed the Galleon hedge funds to make nearly $1m in illicit profits.
Michael Cardillo, the ex-Galleon Group LLC portfolio manager who was the first person to tell the U.S. that former Goldman Sachs Director Rajat Gupta was a source of illegal tips for Raj Rajaratnam, was sentenced to three years of probation Thursday.