Friday, 29 August 2014
Last updated 6 hours ago
Jan 26 2010 | 7:06pm ET
The judge overseeing the Securities and Exchange Commission’s lawsuit against Galleon Group founder Raj Rajaratnam will allow the regulator to add charges that Rajaratnam paid for tips.
U.S. District Judge Jed Rakoff said yesterday gave the SEC permission to amend their complaint for a second time, but held off on deciding whether Rajaratnam and other defendants in the case should be forced to turn over wiretapped conversations from the criminal case against them.
Rakoff said he would rule on the wiretaps next week after hearing oral arguments yesterday. Federal prosecutors have asked the judge to force the defendants to provide 14,000 phone intercepts to the SEC. Rajaratnam lawyers have argued that the SEC lacks “any authority to obtain or use wiretaps as part of its civil enforcement efforts because the SEC is not a law enforcement agency empowered by law to conduct investigations or to make arrests, which is why the United States Attorney’s Office has not simply released the wiretaps to the SEC.”
The U.S. Attorney’s Office argues that it does have the authority to provide the wiretaps, which Rajaratnam’s lawyers say were obtained illegally.
But those lawyers will have to battle the allegations that Rajaratnam paid former McKinsey & Co. director Anil Kumar as much as $1.75 million for information about McKinsey clients. Kumar pleaded guilty to fraud charges earlier this month and is cooperating with authorities.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...