Opening Arguments Begin For Galleon Group founder Raj Rajaratnam
In what is being called the largest insider trading trial in a generation, opening arguments in the trial of Galleon Group's Raj Rajartnam begin today.
Since arresting 53-year-old U.S. citizen Rajaratnam in October 2009 and announcing criminal charges against 26 former traders, executives and lawyers, the U.S. government has pressed ahead with what it calls the biggest probe of insider trading in the $1.9 trillion hedge fund industry. Nineteen people have pleaded guilty in the Galleon case.
There are wiretaps and cooperators galore. There will be a feast of corporate-leaked secrets. It will expose the hedge-fund industry.
Former Goldman Sachs Group director Rajat Gupta, who has not been criminally charged but had civil SEC charges brought against him last week, may play a prominent role. The feds have phone calls in which he allegedly provided Rajaratnam with confidential information from Goldman Sachs. [More...]
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