Saturday, 28 November 2015
Last updated 1 day ago
Jun 1 2012 | 1:29pm ET
A witness at the insider-trading trial of Rajat Gupta says the former McKinsey & Co. chief secretly served as an executive at convicted fraudster Raj Rajaratnam’s Galleon Group.
Ayad Alhadi, a marketer at Galleon from 2008-2009, testified at Gupta’s federal court trial in Manhattan on Friday that he was called into Rajaratnam's offices a few days before a 2008 fundraising trip to the Middle East and told that Gupta was the new chairman of Galleon International.
Asked how he responded to the announcement, Alhadi said, “I think I congratulated him,” reports the New York Daily News.
Alhadi said he traveled with Gupta to the Middle East where they met with potential investors—including Abu Dhabi Investment Authority, the Abu Dhabi Pension Fund, First Gulf Bank and the Abu Dhabi Investment Council—some of which were very impressed by Gupta and his ties to Goldman.
In fact, days after meeting with Gupta, the ADIC promised to invest $75 million with Galleon. Asked if an investment of that size after four days was common Alhadi told the court it was “pretty uncommon.”
Gupta, who sat on the boards of both Goldman and Procter & Gamble, is accused of leaking market-making information about both companies to Rajaratnam. He has pleaded not guilty.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…