Monday, 27 April 2015
Last updated 2 days ago
Apr 21 2010 | 7:50am ET
It took a little longer than Schottenfeld Group would have liked, but it can finally wash its hands of the Galleon Group insider-trading case.
A federal judge approved the New York-based trading firm’s second settlement with the Securities and Exchange Commission stemming from the Galleon scandal. U.S. District Judge Jed Rakoff earlier this month refused to give his acquiesce to the deal without more information, but yesterday gave the $763,000 settlement his stamp of approval.
“The court finds the disgorgement and penalty calculations to be reasonable,” Rakoff wrote. But the prickly judge, who is set to oversee the civil trial of Galleon founder Raj Rajaratnam next year, couldn’t help taking a shot at the deal, saying of Schottenfeld’s new compliance procedures, “the prophylactic measures appear somewhat superficial.”
Schottenfeld last month settled another SEC case arising from the Galleon case for $1.2 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…