Saturday, 26 July 2014
Last updated 22 hours ago
Apr 26 2011 | 12:16pm ET
The man described as the link between the two interlocking insider-trading rings in the Galleon Group scandal has been ordered to pay $19,000 to settle a Securities and Exchange Commission lawsuit.
Thomas Hardin, a former trader at hedge fund Lanexa Global Management known at "Tipper X" until he was identified in the press last January, agreed to the judgment, filed today in New York federal court. The SEC, which sued him in November after he pleaded guilty to criminal insider-trading charges, accused him of illegally trading names including Google Inc., Hilton Worldwide and Kronos Worldwide.
Galleon founder Raj Rajaratnam, who is awaiting the verdict in his criminal trial, and the other half of the insider-trading circle, three of whose alleged members are to go on trial next month, are accused of trading in many of the same stocks. Hardin allegedly received some tips from Roomy Khan, a former Intel Corp. executive who claims to have passed the tips to Rajaratnam, as well, and others from Gautham Shankar, an alleged member of the second ring.
Hardin has been cooperating with prosecutors in the case. If he is ordered to forfeit more than $40,000 at his sentencing in the criminal case, the SEC will credit him for any amount over that figure.
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…