Galleon Tipster Settles SEC Charges

Sep 16 2010 | 1:43pm ET

A government informant in the Galleon Group insider-trading case has settled charges that he was trading on confidential information long before he wore a wire.

David Slaine agreed to pay $836,385 in disgorgements of illegal profits to settle the Securities and Exchange Commission case. The SEC sued Slaine in February, after his December guilty plea on seven-year-old insider-trading charges. Slaine admitted to trading on non-public information while at Chelsey Capital in 2002.

Slaine previously agreed to forfeit $532,287 as part of his guilty plea, a sum that will go towards his SEC settlement. He still faces up to 25 years in prison when he is sentenced.

Slaine wore a wire that produced some of the wiretaps at the heart of the government’s case against Galleon founder Raj Rajaratnam and the 20 others ensnared in the scheme.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of