SRI LANKAN HEDGEFUND EXECUTIVE CONVICTED IN USD63 MILLION INSIDER TRADING SCAM
May 1st, 2011
BY KEITH NUTHALL
AMERICAN prosecutors have succeeded in using wiretap evidence usually used to fight organised crime, to convict a hedgefund executive for netting USD63.8 million in illegal inside trades. Sri Lankan native Raj Rajaratnam, founder of Wall Street hedgefund Galleon, was found guilty on 14 counts of insider trading at a New York district court: he is appealing. Prosecutors collected wire-tap evidence that Rajaratnam used extensive contacts in blue-chip companies such as Hilton Hotels, Google and Intel, to secure insider tips to underpin trades. ...
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