Wednesday, 31 August 2016
Last updated 35 min ago
Nov 22 2013 | 11:05am ET
Two-and-a-half years after Galleon Group founder Raj Rajaratnam was convicted of insider-trading, the Securities and Exchange Commission continues to ferret out his alleged sources.
Sam Miri, who worked at Marvell Technology Group, has settled the SEC's allegations for more than $60,000. Miri, who has not admitted or denied any wrongdoing, passed confidential information about the semiconductor company to former Galleon portfolio manager Ali Far, according to the regulator.
During Rajaratnam's trial, Far testified that he had paid Miri for the tips he received. The SEC said Miri received about $10,000.
Far traded on the tips at the hedge fund he founded after leaving Galleon, Spherix Capital.
In addition to the disgorgement and fine, Miri has been barred from serving as an officer or director of a public company for five years.