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New Indictment Boosts Insider Trading Charges Against Galleon Founder
Federal prosecutors ramped up their insider trading charges Tuesday against the man they accuse of making up to $45 million in history's largest hedge fund insider trading case. Prosecutors have added two securities fraud charges against Galleon Group founder Raj Rajaratnam. The fresh indictment resulted from what prosecutors say they learned from some defendants pleading guilty in a case that has seen charges against 21 people -- many of them former high-level executives at major corporations.
February 11, 2010 at 12:00 AM
1 minute read
By Larry Neumeister |
Updated on February 11, 2010
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The original version of this story was published on Law.Com
Federal prosecutors boosted their insider trading charges case Tuesday against the man they say was behind history’s largest hedge fund insider trading case.
The rewritten indictment accuses Galleon Group founder Raj Rajaratnam of making up to $45 million from trades based on secrets. A prosecutor has said in court that the total of his illicit gains may top $50 million.
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