Hedge Fund Managers, Traders Charged in Galleon Trading Probe

Nov 6th, 2009 - Bloomberg

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Hedge Fund Managers, Traders Charged in Galleon Trading Probe

Nov. 6 (Bloomberg) -- U.S. prosecutors charged 14 people,including hedge fund managers, lawyers and an ex-Galleon Groupemployee, for using the methods of “drug dealers” and “commoncriminals” to profit on insider data from deals involving firmssuch as 3Com Corp. and Alliance Data Systems Corp.

The charges, brought as part of a wide U.S. probe ofGalleon founder Raj Rajaratnam, bring the illicit profits in thecase to as much as $53 million. Five of those whose cases wereunsealed yesterday have pleaded guilty and are cooperating inthe investigation, prosecutors said.

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