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

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note