Raj Rajaratnam Insider Trading Charges
Below is a short excerpt from an article announcing that Raj Rajaratnam, portfolio manager at Galleon Group has been charged with insider trading. This trial will probably takes years to come to conclusion, but it is another blow to the industry which is trying to re-build investor confidence.
One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that authorities say generated more than $25 million in illegal profits and was a wake-up call for Wall Street.
Raj Rajaratnam, a portfolio manager for Galleon Group, a hedge fund with up to $7 billion in assets under management, was accused of conspiring with others to use insider information to trade securities in several publicly traded companies, including Google Inc.
U.S. Magistrate Judge Douglas F. Eaton set bail at $100 million to be secured by $20 million in collateral despite a request by prosecutors to deny bail. He also ordered Rajaratnam, who has both U.S. and Sri Lankan citizenship, to stay within 110 miles of New York City. source
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