Friday, October 16, 2009

Raj rajaratnam of Galleon group arrested

Raj rajaratnam arrested: Raj rajaratnam, founder of galleon group is arrested by FBI for insider trading scam in Galleon Group Hedge Fund. Raj Rajaratnamis the founder of $7 billion Galleon Group and he has been charged with four counts of conspiracy and eight counts of securities fraud.

4 other men and 1 women are also arrested in hedge fund insider trading case. He was accused of conspiring with others to cause trades based on insider information about Polycom, Hilton Hotels Corp. and Google Inc. Mr. Rajaratnam obtained insider information and Galleon Technology Funds earned a profit of more than $12.7 million.

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