SEC: Galleon Insider-Trading Fugitive In India

Mar 7 2011 | 12:46pm ET

The only fugitive in the Galleon Group insider-trading case has been found in India.

Deep Shah, a former Moody's Investor Services analyst accused of passing confidential information to a women who says she passed the tips to Galleon founder Raj Rajaratnam, is living in Mumbai, according to the Securities and Exchange Commission. A bailiff in that city said in an affidavit filed Friday that he had located Shah's resident in the tony beachfront neighborhood of Juhu, but the fugitive was not home at the time.

"He was not found on my enquiries with his servant," the bailiff said. "I was informed the defendant had gone out and no fixed time to be determined."

The bailiff said he affixed a copy of the SEC's amended complaint to the door of Shah's apartment.

Shah was charged with securities fraud in the insider-trading case in late 2009. He has likely been in India since before that time; The Wall Street Journal interviewed him in New Dehli in October 2009, when he denied the allegations against him. Shah is the only person of the more than two dozen charged in the case not to formally respond to the allegations against him.

Shah is accused of informing Roomy Khan, a former Galleon and Intel Inc. employee and one of the government's star witnesses against Rajaratnam, about the Blackstone Group's impending takeover of Hilton Hotels, as well as providing information about Google Inc. According to the complaint against Khan, she paid Shah $10,000 for the Hilton tip.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of