Sunday, 1 February 2015
Last updated 2 days ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…