New York\u00a0 (HedgeCo.net) – The SEC’s case against Raj Rajaratnam and his hedge fund Galleon Management LP, is sending ripples throughout the industry, as the use of wiretapping and its effects are emerging.<\/p>\n
According to Bloomberg, an unidentified informant began setting up interviews and taping the conversations, leading to the uncovering of the alleged massive insider trading scheme that generated more than $25 million in illicit gains.<\/p>\n
The SEC also charged six other hedge fund managers with insider trading, including senior executives at major companies IBM, Intel and McKinsey & Company.<\/p>\n
\u201cThis complaint describes a web of fraud that has been unraveled,\u201d said SEC Chairman Mary L. Schapiro.<\/p>\n
\u201cWhat we have uncovered in the trading activities of Raj Rajaratnam is that the secret of his success is not genius trading strategies. He is not the astute study of company fundamentals or marketplace trends that he is widely thought to be.” said Robert Khuzami, Director of the SEC\u2019s Division of Enforcement. \u201cHe cultivated a network of high-ranking corporate executives and insiders, and then tapped into this ring to obtain confidential details about quarterly earnings and takeover activity.\u201d<\/p>\n
Alex Akesson New York\u00a0 (HedgeCo.net) – The SEC’s case against Raj Rajaratnam and his hedge fund Galleon Management LP, is sending ripples throughout the industry, as the use of wiretapping and its effects are emerging. According to Bloomberg, an unidentified informant began […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[15741,2222,5725,7101],"class_list":["post-12558","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news","tag-hedge-fund-billionaire","tag-hedge-fund-managers","tag-insider-trading","tag-trading-strategies"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/12558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=12558"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/12558\/revisions"}],"predecessor-version":[{"id":12560,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/12558\/revisions\/12560"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=12558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=12558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=12558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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