|  | | 2009 News and Press Releases | | |
HEADLINE NEWS:
Hedge Hunt: Feds Arrest Six Wall Street Stars In $20M Insider-Trading Case
Staff Writer
Associated Press. October 16, 2009
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EXCERPT: A billionaire hedge fund boss was among five men and a woman arrested by federal authorities Friday in a hedge fund insider trading case that prosecutors say reaped $20 million in illegal profits. […] a partner in Galleon Management and a portfolio manager for Galleon Group, a hedge fund with up to $7 billion in assets under management, was accused of conspiring with others to cause trades based on insider information about three publically traded companies. Those companies were identified in court papers as Polycom, Hilton Hotels Corp. and Google Inc. According to the court papers, […] obtained insider information and then caused the Galleon Technology Funds to execute trades that earned a profit of more than $12.7 million between January 2006 and July 2007. Other schemes garnered millions more, authorities said. Five others charged in the scheme included […], a director of strategic investments at Intel Capital, the investment arm of Intel Corp., […], a director at McKinsey & Co. Inc., a global management consulting firm and […], senior vice president and group executive at International Business Machines Corp.'s Systems and Technology Group. It was not immediately clear who was representing the lawyers in court appearances scheduled for U.S. District Court in Manhattan later Friday. Prosecutors charged the defendants with conspiracy and securities fraud. |
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