Posted on 10/16/2009 1:48:38 PM PDT by BAW
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 prosecutors say generated more than $25 million in illegal profits and should be a wake-up call for Wall Street.
Raj Rajaratnam, a partner in Galleon Management and 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 trade based on insider information about several publicly traded companies, including Google Inc.
U.S. Attorney Preet Bharara told a news conference it was the largest hedge fund case ever prosecuted and marked the first use of court-authorized wiretaps to capture conversations by suspects in an insider trading case.
He said the case should cause financial professionals considering insider trades in the future to wonder whether law enforcement is listening.
''Greed is not good,'' Bharara said. ''This case should be a wake-up call for Wall Street.''
Joseph Demarest Jr., the head of the New York FBI office, said it was clear that ''the 20 million dollars in illicit profits come at the expense of the average public investor.''
The Securities and Exchange Commission, which brought separate civil charges, said the scheme generated more than $25 million in illegal profits.
(Excerpt) Read more at nytimes.com ...
http://www.campaignmoney.com/political/contributions/raj-rajaratnam.asp?cycle=08
And I would guess that ol’ Raj is a big, fat, flight risk.
Liberals = do as I say, not as I do
They have a monopoly on stealing money.
Raj Rajaratnam....
No doubt that he too was born in Hawaii - I’m sure.
I hope to see the Omaha Commie billionaire Warren Buffett snagged for insider trading someday.
Only Goldman Sachs guys get to insider trade now.
How about a policy by which an informant gets a percentage reward of the malfeasance?
And, he was a BIG time contributor to Hilary. Wiki quotes a newspaper column that alleges he’s also the biggest single contributor the the Tamil Tigers. What a piece of work.
A manager at Intel Capital.
This guy is TOAST! Intel doesn’t mess around with things like this.
I want to see Soros’ name on one of these headlines.
I want to see Soros’ name on one of these headlines.
HA...it was THAT Intel.....hooooboy....
What a shock. It is like a broken record. Dodd, Obama, Clinton, Schumer, Dem Senatorial Committee bigtime recipients as usual of another rich sleazebag.
New York, NY 10022 CLINTON, HILLARY RODHAM (D)
President
HILLARY CLINTON FOR PRESIDENT $-2,300
general 08/28/08
Rajaratnam, Raj
New York, NY 10022
Galleon/CEO OBAMA, BARACK (D)
President
OBAMA VICTORY FUND $30,800
primary 08/28/08
Rajaratnam, Raj
New York, NY 10022
The Galleon Group/Founder CLINTON, HILLARY RODHAM (D)
President
HILLARY CLINTON FOR PRESIDENT $2,300
general 11/06/07
Rajaratnam, Raj
New York, NY 10022
The Galleon Group/Founder CLINTON, HILLARY RODHAM (D)
President
HILLARY CLINTON FOR PRESIDENT $2,300
primary 11/06/07
RAJARATNAM, RAJ MR
NEW YORK, NY 10022
GALLEAN GRAY/CEO CANTWELL, MARIA (D)
Senate - WA
FRIENDS OF MARIA $2,000
general 10/31/06
Rajaratnam, Raj
New York, NY 10022
The Galleon Group/Managing Director MENENDEZ, ROBERT (D)
Senate - NJ
NEW JERSEY DEMOCRATIC VICTORY $10,000
primary 10/18/06
Rajaratnam, Raj
New York, NY 10022
The Galleon Group/Managing Director MENENDEZ, ROBERT (D)
Senate - NJ
NEW JERSEY DEMOCRATIC VICTORY $2,100
primary 10/18/06
RAJARATNAM, RAJ
NEW YORK, NY 10022
GALLEON GRAY/CEO
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE (D) $26,700
primary 08/10/06
RAJARATNAM, RAJ
NEW YORK, NY 10022
GALLEON GRAY/CEO CLINTON, HILLARY RODHAM (D)
Senate - NY
FRIENDS OF HILLARY $2,100
general 11/12/05
RAJARATNAM, RAJ
NEW YORK, NY 10022
GALLEON GRAY/CEO CLINTON, HILLARY RODHAM (D)
Senate - NY
FRIENDS OF HILLARY $2,100
primary 11/12/05
RAJARATNAM, RAJ
NEW YORK, NY 10022
GALLEON MANAGEMENT SCHUMER, CHARLES E (D)
Senate - NY
FRIENDS OF SCHUMER $1,000
general 10/21/04
Rajaratnam, Raj
New York, NY 10022
The Galleon Group/Investment Banker KHANNA, ROHIT (D)
House (CA 12)
KHANNA FOR CONGRESS $2,000
primary 02/11/04
Rajaratnam, Raj
New York, NY 10022
Galleon Group/Investments
VOLUNTEER PAC $5,000
primary 11/11/03
RAJARATNAM, RAJ
NEW YORK, NY 10022
GALLEON MANAGEMENT SCHUMER, CHARLES E (D)
Senate - NY
FRIENDS OF SCHUMER $1,000
primary 02/07/01
RAJARATNAM, RAJ
NEW YORK, NY 10022
NEEDHAM CAPITAL
NATIONAL VENTURE CAPITAL ASSOCIATION VENTUREPAC $1,000
primary 10/01/95
This is VERY BIG!
Executives charged included Robert Moffatt, senior vice president and executive in IBM’s systems and technology group, and Rajiv Goel, who is Intel treasury’s managing director of investments. The SEC filed a complaint in the U.S. District Court for the Southern District of New York.
Moffatt and Goel allegedly provided insider information about companies including Sun Microsystems and Intel.
Other individuals charged include Raj Rajaratnam, a portfolio manager with hedge fund Galleon Group, who gained close to $25 million in illegal profits, according to the SEC. Rajaratnam is considered the 559th richest man in the world according to Forbes magazine. Others charged in the complaint include Anil Kumar, a director at McKinsey, and Danielle Chiesi and Mark Kurland of New Castle Funds.
“Raj Rajaratnam is not a master of the universe, but rather a master of the rolodex,” said Robert Khuzami, director of the SEC’s division of enforcement. “He cultivated a network of high-ranking corporate executives and insiders, and then tapped into this ring to obtain confidential details about quarterly earnings and takeover activity,” Khuzami said.
Goel allegedly provided insider tips to Rajaratnam about certain Intel quarterly earnings and a pending joint venture concerning Clearwire, in which Intel has invested, the SEC said. Based on the insider information, Rajaratnam executed trades on Galleon’s behalf. The tips netted Goel close to $250,000 in illicit profits after Rajaratnam executed trades for Goel’s personal brokerage account based on confidential tips concerning Hilton and PeopleSupport.
I’m sure he donated to all of the great liberal causes.
I'd rather see his head on a stick. What a pathetic excuse for a human.
Other than being just another inside trader (like they’re rare or something)
Under the bus you go.
How’s this for a connection to Soros!
http://www.muckety.com/Query?graph=MucketyMap&SearchResult=158682&SearchResult=141038
Ken-Ya believe it. Another Radical terrorist supporter.
http://en.wikipedia.org/wiki/Raj_Rajaratnam
Raj Rajaratnam recently (September 2009) pledged to donate a million US dollars to help with the rehabilitation of former LTTE ( Liberation Tigers of Tamil Eelam )combatants.
http://en.wikipedia.org/wiki/LTTE
The Tigers, who during the height of their power possessed a well-developed militia cadre, were notorious for recruiting child soldiers, for carrying out civilian massacres, suicide bombings and various other high profile attacks, including the assassinations of several high-ranking Sri Lankan and Indian politicians like Sri Lankan President Ranasinghe Premadasa in 1993, and former Indian Prime Minister Rajiv Gandhi in 1991.
Raj Rajaratnam, was also a major contributor to the Barack Obama, Hillary Clinton campaigns and also the single largest known U.S. contributor to the charity Tamils Rehabilitation Organisation. The Sri Lankan government and some chauvinist Sinhalese political organizations have accused the TRO of being linked the LTTE in Sri Lanka[9], but it should be noted that the government which has been condemned by various international groups for violating human rights [10] routinely accuses any one that criticizes it’s practices as being linked to LTTE.
This guy has a 7 billion dollar hedge fund and he gets nailed for an insider trade that yields 25 mil.
That’s like someone with a 700K portfolio stealing $2500 and going to jail.
Way to go moron!
If he's an American then I'm the King of Spain.
Even more interesting is that the "U.S. Attorney", one Preet Bharara (an old American name, surely) is most likely ethnic Indian. Which of course is the ethnicity the Tamils are at odds with.
So this prosecutor goes after a guy maybe because of his ethnicity. Has Bharara perp-walked any Indian nationals out of their Wall Street digs? Tons of them there on H1-B visas, lots of them doing all sorts of seedy scams.
But those would be his buddies.
Isn't it grand that we've imported all these lovely Third World characters who bring their animosities and scams with them?
Fascinating. Perhaps Algore was one of the 'insiders'? I can't verify that, 'cuz I just made it up, but so what, that's the modern standard that the leftists use.
“He said the case should cause financial professionals considering insider trades in the future to wonder whether law enforcement is listening”
Sure it will. They’ll be a lot more careful in future.
'Greed is not good,'' Bharara said. ''This case should be a wake-up call for Wall Street.''When the felon George Soros bought the Presidency for an empty suit from Kenya, that was the wake-up call.
Bharara sounds like a Punjabi name, while Rajaratnam is almost certainly Tamil.
“If he’s an American then I’m the King of Spain.”
Ola, como esta??? Bien???
;-)
My conspiracy (blackmail) side is starting to twitch a little. How many UBS names are forced into the go-along to get-along scheme. Obama has the goods on alot of folks. (just a theory)
“Grathias.”
En Castellano
He actually looks like a friend of mine, who is far from being a billionaire.
The blame here should go not to “greed” but to dishonesty.
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