Thursday, 24 July 2014
Last updated 1 hour ago
Apr 13 2010 | 10:18am ET
Galleon Group founder Raj Rajaratnam and other accused members of his insider-trading circle made illicit deals involving 22 companies, nearly twice as many as previously alleged, according to prosecutors.
Rajaratnam and the other 20 people charged in the sprawling case traded in shares of AT&T Inc., Cisco Systems, Clear Channel, Goldman Sachs Group, NetLogic Microsystems and PeopleSupport, Assistant U.S. Attorney Jonathan Streeter told Rajaratnam’s legal team in a March 22 letter. Previously, the circle was accused of illicit trading in just 12 stocks, most notably Advanced Micro Devices, Google, IBM and Intel.
“Our investigation is ongoing and the information that we are currently providing is based on what is known today,” Streeter wrote in the letter, which was included in a court filing last week by the defense. He added that “almost all” of the companies listed “are clearly disclosed in the wiretap applications, intercepted calls and consensually recorded calls.”
Rajaratnam and his co-defendant, former New Castle Partners executive Danielle Chiesi, are seeking to have those wiretaps excluded from the trial, which is set to begin on Oct. 25.
Eleven of the 21 people charged in the Galleon case have pleaded guilty, and eight are cooperating with prosecutors.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…