Monday, 20 October 2014
Last updated 8 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...