Galleon Founder Rajaratnam Charged With Insider Trading

Raj Rajaratnam, the founder of hedge fund Galleon Group, has been arrested and charged with a $20 million insider-trading scheme.

The billionaire—who earlier this month took 236th place on the Forbes magazine list of the 400 richest Americans with a net worth of $1.5 billion—and five others, including two other hedge fund executives, have been accused of using non-public information to trade in several big-name stocks, including Google Inc. and Hilton Hotels Corp. between 2007 and this year.