A judge today allowed recordings from the tapped phone of Galleon’s alleged insider trading kingpin, Raj Rajaratnam, in a case expected to go to trial next year. The feds had tapped thousands of Mr. Rajaratnam’s conversations over the course of a nine-month surveillance back in 2008.
The Wall Street Journal reports:
“While the Read More
Wall Street was right to fear the phone. Today, the Wall Street Journal reported that the government had a wire on Franz Tudor, a former Galleon trader, even after Raj Rajaratanam was taken into custody last October.
The idea was to catch the reaction of two people–Michael Kimelman and and “Octopussy“ Zvi Read More
Seven people involved in the sprawling Galleon Group insider-trading case, all of whom were arrested last November, were indicted by U.S. Attorney Preet Bharara yesterday.
Among them was Zhi Goffer, the former Galleon trader who had his hands in so many deals that associates called him “Octopussy.” Allegedly, Mr. Read More
At the arraignment of Galleon head Raj Rajaratnam and Danielle Chiesi this afternoon, Ms. Chiesi’s mother—a former beauty queen-turned-financial-analyst who is accused of funneling insider information to Mr. Rajaratnam—offered a directive to reporters.
“My daughter is innocent and that is what you will be printing,” Gloria Chiesi, Danielle Chiesi’s mother, told The Read More
It sure sounds like it.
Reuters says B.J. Kang–he’s the F.B.I. agent in charge of the bureau’s securities task force who escorted Galleon head Raj Rajaratnam on his October perp walk–took a hard look at Steve A. Cohen’s hedge fund, SAC Capital Advisers, two years ago. No charges were filed then, but the Read More
Is the S.E.C. going after Goldman Sachs? Or is it still following the Galleon trail?
The newly active regulator has sent at least three dozen subpoenas to hedge funds and brokerages in recent weeks, and they’re casting such a wide net that no one is quite sure who’s being targeted or why, according to Read More
Preet Bharara spent some serious money to listen in on Galleon Group founder Raj Rajaratnam, and the 19 others charged in that vast insider-trading network.
Tapping one phone, for one month, costs $60,000 dollars, according to Michael Gurland, a former federal prosecutor interviewed on the WSJ Law Blog yesterday.
You have to report Read More
Hedge fund managers are wondering how they can possibly communicate now that a couple of Bear Stearns’ executives are on trial over in Brooklyn for their e-mail missives, and Galleon Group founder Raj Rajaratnam is facing a big indictment based on wiretapped phone calls.
The new Complex Frauds Unit of the F.B.I. apparently likes tapping Read More
George Steinbrenner is headed up to New York for Game One of the World Series tomorrow night, and guess who he’ll get to read about in the morning papers?
It’s John Dowd, the investigator who got the Boss banned from the majors for life back in 1990. Mr. Dowd, an Read More
Is it good news or bad news for Raj Rajaratnam–the Galleon Group founder arrested Friday on insider trading charges–that Judge Jed Rakoff will preside over his trial?
Business Insider is certainly excited: “Everyone’s favorite judge is back in the spotlight!” they write.
Judge Rakoff, you might recall, recently scuttled a proposed settlement Read More