Insider trading charges against Hedge Fund billionaire/ executives at IBM, Intel and McKinsey expected to lead to more cases
Oct 19th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
On Friday, the US Securities and Exchange Commission (SEC) charged the Sri Lankan-born hedge fund billionaire Raj Rajaratnam and his New York-based hedge fund advisory firm Galleon Management LP with engaging in a massive insider trading scheme that generated more than $25 million in illicit gains. The SEC also charged six others involved in the scheme, including senior executives at major companies IBM, Intel and McKinsey & Co. The development is expected to lead to further cases.