Raj Rajaratnam Galleon Group Hedge Fund Arrested
Raj Rajaratnam Galleon Group Hedge Fund Arrested – Raj Rajaratnam/Galleon Group/Galleon hedge fund are making waves in the business world this morning.Raj Rajaratnam who is the founder of the $7 billion Galleon Group was arrested along with five others ( Rajiv Goel, director in strategic investments at Intel Corp.’s investment arm, Anil Kumar, a director at global management-consulting firm McKinsey & Co, Danielle Chiesi and Mark Kurland of New Castle Partners LLC, the one-time equity hedge fund group at Bear Stearns Asset Management Inc.,and Robert Moffat, a senior vice president at International Business Machines Corp.) and have been charged in an $20 million insider-trading case ,four counts of conspiracy and eight counts of securities fraud.
Galleon Group does not wish to comment on the matter but Preet Bharara, the U.S. Attorney in Manhattan will be having a press conference later today to share more details on the case.
That’s all we have for now on Raj Rajaratnam Galleon Group.
pey | Oct 17, 2009 | Reply
Hard to believe illegal activity occurred at a hedge fund named after a pirate ship.
Kirk $$$ | Oct 18, 2009 | Reply
This arrest was predicted and called for by the movie “Stock Shock-The Short Selling of the American Dream.” I had no idea how hedge funds could manipulate markets before I saw this movie. I know people started sending their DVD’s of Stock shock into the SEC demanding protection and an arrest. Amazon has the DVD.