New York Post – The high-profile insider-trading case against hedge-fund king Raj Rajaratnam of Galleon Group is getting a high-profile judge who’s earned the nickname on Wall Street of Judge Dread.
US District Court Judge Jed Rakoff is expected to oversee the Securities and Exchange Commission’s case against the billionaire hedgie, who was charged Friday with running a $20 million insider-trading scheme.
On Wall Street, Rakoff has gained notoriety for nixing a $33 million settlement between the SEC and Bank of America over charges the bank hid billions in losses and bonus payments from shareholders in order to push through BofA’s merger with Merrill Lynch.
