Galleon Busted In $20 Million Insider Trading Case
Billionaire Raj Rajaratnam was arrested last night, according to David Faber, after a $20 million insider trading complaint was filed against him by the SEC. The action included the participation of the FBI. Rajaratnam is the founder of $3 billion hedge fund Galleon Management, located on the 34th floor of 590 Madison Avenue. Per the complaint, Rajaratnam was involved in illegal activity in the stocks of Polycom, Hilton Hotels, Google, Clearwire, AMD, and Akamai among others. Zero Hedge will provide the full SEC disclosure once we get it.
An overview of Galleon is provided below.
The top 20 current holdings of the fund are provided as well. The fund seems to be on the tech/fin momo train big time.
And here is the full complaint by the US Attorney's Office. If this is the track that the SEC will be pursuing, it is now time for the SEC to crack down on a whole variety of expert netoworks, in line with disclosure previously by Zero Hedge.
Full Complaint (8MB .pdf)