One of America’s wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that prosecutors say generated more than $25 million in illegal profits and should be a wake-up call for Wall Street.
Raj Rajaratnam, 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 trade based on insider information about several publicly traded companies, including Google Inc.
U.S. Attorney Preet Bharara told a news conference it was the largest hedge fund case ever prosecuted and marked the first use of court-authorized wiretaps to capture conversations by suspects in an insider trading case.
Rajaratnam, 52, was ranked No. 559 by Forbes magazine this year among the world’s wealthiest billionaires, with a $1.3 billion net worth. Read More
Who is Raj Rajaratnam
US citizen residing in New York. Born in Sri Lanka, 1957.
This year he gave $1 million for the reintegration in society of Tamil fighters, whose military movement was defeated in May.
Politics: Contributed to a number of Democratic campaigns, including $30,800 to Barack Obama and $4,600 to Hillary Clinton in the last presidential election. Read More
No wonder America is in a recession! Does anyone besides me see anything strange about this Raj Rajaratnam, the firm is based in New York City with offices in California, China, Taiwan and India. He lives in New York. manager of billions of dollars in technology and health-care hedge funds at Galleon, which he started in 1996 What say you?