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Friday, February 12, 2010 - 5.39 GMT

Rajaratnam faces new charges

 
The United States prosecutors have come up with fresh charges against Galleon hedge fund founder Raj Rajaratnam based on new information they received from co-defendants who pleaded guilty in what has been described as the largest insider trading scam in the US history.

The new charges are based on information received from the three accused — two Indian Americans, Goel and Kumar — and Mark Kurland, the founder of the hedge fund called, New Castle, reported PTI.

In October last year, Rajaratnam had 12 charges, four counts of conspiracy and eight counts of security fraud.

The US government lawyers have now added two more securities and fraud charges to the list, and estimates that he reaped illegal profits worth $45 million.

As many as 22 people have been found to be involved in the insider trading fraud. This is the first case to use authorized wiretaps and the investigators are still on the job, reported PTI.
 




 
 
   
   
   
   
   

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Last modified: February 13, 2010.

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