On October 16, 2009, the
Securities and Exchange Commission (SEC) instituted a civil injunctive action
in the United States District Court for the Southern District of New York
charging Raj Rajaratnam and his hedge fund advisory firm Galleon Management LP
with perpetrating a massive insider trading...
The Galleon insider trading investigations continues to
spawn more actions. Roomy Kahn, familiar to those who have followed the Galleon
saga, and others players and even some allegations from the earlier cases form
the backdrop of the SEC's latest insider trading to evolve from these
On the eve of the criminal insider trading trial of Raja
Rajaratnam the SEC unveiled the latest chapter in the investigation into the
founder of Galleon Management LLC: he had been illegally tipped by a former
Goldman Sachs and current Proctor and Gamble board member. In an Order for
The Gupta insider trading case is a significant,
high profile action by an SEC Enforcement program which is working hard to
restore its lost luster. Mr. Gupta is a former Goldman Sachs director, a firm
which is an icon of Wall Street. He is a current director of Proctor and
Gamble, a company with...
No Big 4 audit firms or their partners have been named in
the insider trading scandal surrounding the now-defunct hedge fund Galleon
Management. But the SEC has accused one of the most prominent businessmen ever
implicated in such crimes, Rajat Gupta, a former McKinsey & Company Global
NEW YORK - (AP) A former Goldman Sachs board member accused the Securities and Exchange Commission on Friday of unfairly spoiling his reputation by accusing him of passing along inside information without ever bringing the accusations in federal court. A lawyer for Rajat Gupta responded to the civil...
Raj Rajaratnam was found guilty on all fourteen counts
of conspiracy and insider trading. U.S. v. Rajaratnam , Case No.
1:09-cr-0118 (S.D.N.Y.). The fact that the founder of the Galleon hedge fund
was found guilty despite a valiant effort by the defense team should not be a
huge surprise to anyone...
If you read about the evidence, you can't really be
surprised that Raj Rajaratnam was found guilty of insider trading. That he was
found guilty on all counts was mildly interesting, but not much.
We may get some interesting new legal developments in
insider trading law from the appellate decisions...
This week three Galleon related defendants were sentenced
to prison for insider trading, including Raji Rajaratnam. The Commission filed
another significant market crisis case naming the senior officers of a failed
bank as defendants. The Commission also filed a settled insider trading case,
You could watch the movie Wall
Street and many things may still ring true. Of course its the 1980s, so
the clothes and the women's hair stick out. But the icon is the big brick cell
phone. It was huge and expensive for its time. And all it did was makes phone
calls. It was enough of an iconic...
NEW YORK - (Mealey's) A federal judge in New York on Nov. 8 ordered former Galleon Management Co. General Partner Raj Rajaratnam to pay a nearly $93 million civil penalty to the Securities and Exchange Commission for his role in a massive insider trading scheme ( Securities and Exchange Commission...
The SEC settled two insider trading cases this week in which S.A.C. Capital was named as a relief defendant. In one it obtained the largest payment to date in an insider trading case, about $600 million. Reportedly S.A.C. Capital will fund the settlement. The second was one of the Dell insider trading...
Raj Rajaratnam, the founder of the Galleon Group hedge
fund lost his appeal on insider trading charges. U.S. v. Rajaratnam, Docket
No. 11-4416-cr (2 nd Cir. Decided: June 24, 2013). Mr. Rajaratnam was
convicted on five counts of conspiracy to commit securities fraud and nine
counts of securities...
By Timothy Raub
NEW YORK — (Mealey’s) A federal judge in New York on July 17 ordered a former Goldman Sachs Group Inc. director to pay a $13.9 million penalty to settle claims with the Securities and Exchange Commission that he provided inside information to a former hedge fund manager...
NEW YORK — (Mealey’s) A federal judge in New York on July 17 ordered a former Goldman Sachs Group Inc. director to pay a $13.9 million penalty to settle claims with the Securities and Exchange Commission that he provided inside information to a former hedge fund manager as part of an insider...
When we here at the Financial Fraud Law Blog think about financial fraud law, it does not take long before we think about the U.S. Attorney for the Southern District of New York, Preet Bharara. In a little over four years as U.S. Attorney – following his unanimous confirmation by the Senate –...
The Second Circuit Court of Appeals upheld the conviction of former Goldman Sachs director Rajat Gupta for illegal tipping. Mr. Gupta was convicted of conspiracy and three substantive counts of securities fraud, centered on furnishing illegal tips to his long time friend and business partner Raj Rajaratnam...