Wednesday, 27 July 2016
Last updated 13 min ago
Nov 16 2009 | 11:03pm ET
The former Balyasny Asset Management analyst linked to the Galleon Group insider-trading case has been identified as a former analyst at SAC Capital Advisors.
The identification of Mark Adams as an alleged tipster of Steven Fortuna, the co-founder of hedge fund S2 Capital Management who has been charged in the Galleon case, is the third former SAC employee linked to the probe. Only one of those three, Choo Beng Lee, has been accused of any wrongdoing, and Lee is cooperating with authorities. SAC itself has not been implicated in any wrongdoing, although Lee has told authorities that he traded illegally while working at the Greenwich, Conn.-based hedge fund giant.
According to The Wall Street Journal, Adams passed non-public information about EMC Corp. to Fortuna, allegedly a member of the insider-trading circle that also allegedly included Galleon founder Raj Rajaratnam. Adams worked at EMC before joining SAC in July 2005. He left the hedge fund in December 2007, and began providing tips on EMC the following year, the Journal reports.
Another former SAC employee, trader Richard Grodin, has received a subpoena in the case.
Adams left Balyasny several weeks ago after the hedge fund closed its Boston office. Balyasny has not been charged with any wrongdoing.