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Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

By Harry Kimball, Newser Staff

Posted Oct 16, 2009 11:03 AM CDT

(Newser) – The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and... Read full story »

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(NEWSER) - The bad boys of Wall Street better watch their mouths. Federal prosecutors used wiretaps to make their case against hedge fund giant Raj Rajaratnam this week, and they plan to use them again in similar investigations. Wiretaps may be common when going after the mafia, say, or terrorists, but their use in the Rajaratnam case is "unprecedented," says the US attorney with jurisdiction over Wall Street's biggest players. More»

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(AP) - A former billionaire described by the government as "the modern face of illegal insider trading" was sentenced today to 11 years in prison, the longest insider trading sentence ever but short of the two decades sought by prosecutors. Galleon Group founder Raj Rajaratnam also was fined $10 million and ordered to forfeit $53.8 million by US District Judge Richard J. Holwell, who said he concluded that Rajaratnam made well over $50 million in profits from his illegal trades. More»

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(AP) - A former Wall Street titan was convicted today of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on trades in technology and other stocks. Prosecutors called it the largest insider trading case ever involving hedge funds. Sri Lanka-born Raj Rajaratnam was convicted of five conspiracy counts and nine securities fraud charges at the closely watched trial in federal court in Manhattan. The jury had deliberated since April 25. More»

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Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

insider trading • SEC • hedge fund • conspiracy • bank fraud • criminal charges • Securities and Exchange Commission • Raj Rajaratnam • Galleon Group

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