New York (HedgeCo.net) – In the case of U.S. v. Hariri, former Atheros Communications Inc. Vice President Ali Hariri has waived his right to a grand jury indictment, according to a Reuters report.
If Hariri pleads guilty, it will become the 10th such plea in the Galleon Group LLC insider-trading and hedge fund fraud case.
Hariri is alleged to have leaked information to hedge fund manager Ali Far, according to the prosecution. The government says that Ali Far and partner C.B. Lee are linked to an insider-trading ring led by Rajaratnam, Reuters said. Rajaratnam is being accused of insider trading and securities fraud, generating as much as $49 million in profit. Far and Lee have pleaded guilty and are cooperating with prosecutors.
The Galleon insider trading case also involves the employees of some of America’s best-known companies, including International Business Machines Corp, McKinsey & Co and Intel Capital, an arm of Intel Corp. Reuters also reported that a former Wall Street hedge fund manager, David Slaine, pleaded guilty last December to charges of insider trading that reaped profits of $3 million. Hariri is among 21 people who’ve been charged in two overlapping insider trading cases.
Alex Akesson
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