Saturday, 22 October 2016
Last updated 11 hours ago
Feb 26 2013 | 2:28pm ET
A top Goldman Sachs salesman linked to the Galleon Group insider-trading scandal has left the bank.
David Loeb's name emerged during the case against former McKinsey & Co. chief Rajat Gupta, who was convicted last year of passing confidential information to Galleon founder Raj Rajaratnam. Loeb did not actually testify in the case—Gupta's lawyers had merely offered him as another possible Rajaratnam source—but it did emerge that Loeb and Rajaratnam spoke almost daily.
Galleon was Loeb's largest client by far, and his closeness to Rajaratnam was indicated by their nicknames for each other. Loeb was never formally accused of any wrongdoing. Prosecutors say he passed Rajaratnam tips about Apple Inc., Hewlett-Packard and Intel Corp.