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Institutional Investor (October 17)

2017/ 10/ 19 by jd in Global News

Due to strained resources, the Securities Exchange Commission (SEC) is less likely to investigate insider trading that occurs further afield from its field offices. Traders seem to know this. “A 100-kilometer increase in distance between a firm and the nearest SEC office resulted in a 16.5 percent jump in illegal trades at that firm. Meanwhile, firms within 100 kilometers of the SEC were less likely to engage in these types of trades.”

 

Boston Globe (October 17)

2011/ 10/ 19 by jd in Global News

Galleon hedge fund founder Raj Rajaratnam received the longest insider trading sentence ever meted out in the U.S. The Globe believes Rajaratnam fully deserves the 11-year jail sentence. “Markets are built around principles of fairness and disclosure. Insider trading perverts these principles and tilts the playing field against average investors…. Rajaratnam’s actions were a fraud on the market and an insult to every other investor who played by the rules. His was a crime with millions of victims, and his harsh punishment is entirely appropriate.”

 

Washington Post (May 12)

2011/ 05/ 14 by jd in Global News

Hedge fund billionaire Raj Rajaratnam, who headed Galleon Management, was convicted of fraud and conspiracy in connection with insider-trading. “The verdict is a historic achievement for the Justice Department.” The government was able “to show the jury a dark side of the hedge-fund business that was long suspected.” Evidence included recorded wire taps of Rajaratnam receiving and forwarding tips. Alleged tipsters in this high profile trial included Rajat Gupta, the ex-head of consulting firm McKinsey & Co and a former Goldman Sachs board member.

Hedge fund billionaire Raj Rajaratnam, who headed Galleon Management, was convicted of fraud and conspiracy in connection with insider-trading. “The verdict is a historic achievement for the Justice Department.” The government was able “to show the jury a dark side of the hedge-fund business that was long suspected.” Evidence included recorded wire taps of Rajaratnam receiving and forwarding tips. Alleged tipsters in this high profile trial included Rajat Gupta, the ex-head of consulting firm McKinsey & Co and a former Goldman Sachs board member.

 

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