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Galleon Insider Trading Scandal Rocks the Investment World

The Story of the Galleon Group, the hedge fund at the heart of the biggest insider trading scandal in decades, has plenty of colorful characters
by

Jennifer Schrodt

on 4 May 2010

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Transcript of Galleon Insider Trading Scandal Rocks the Investment World

Leon Shaulov Raj Rajaratnam Danielle Chiesi Mark Kurland Robert Moffat U.S. Securities and Exchange Commission U.S. District Attorney for Southern District New York Hector Ruiz Rajiv Goel Anil Kumar Technology Companies Intel Corp. Google Inc. Advanced Micro Devices Inc. Clearwire Corp. Akamai Technologies Inc. Moody's Corp. Blackstone Group LP Sun Microsystems Inc. U.S. Federal Bureau of Investigation Galleon Founder
Age 52
October 16, 2009, arrested by the FBI and accused of conspiring with others to trade based on insider information about several publicly traded companies One of the largest hedge fund management firms in the world
Named for a large sailing ship used from the 16th to the 18thcenturies in Europe
Founded by Raj Rajaratnam, 1997
Headquartered in New York City Preet Bharara Portfolio manager at New Castle Funds LLC
Age 44
Used her sexuality for building sources at male dominated technology companies CEO & Chairman of Advanced Micro Devices Inc Senior vice president at International Business Machines Corp.
Age 53
Never engaged in any trading connection with the transactions involving AMD, Lenovo or IBM, and received no money or other financial benefit from anyone relating to those transactions Senior managing director & general partner at New Castle Funds LLC
Age 60 Senior trader at Galleon group Putting total profits in the scheme at $20.6 million
"This case should serve as a wake-up call for Wall Street."
"These people were privy to inside information, but they didn't know one secret, that we were listening." Managing director at Intel subsidiary
Age 51 Director at McKinsey
Age 51 Roomy Kahn; AKA - Tipper A Galleon employee
Faced with financial difficulties, agreed to to provide inside information in hopes of securing a position with Galleon
Agreed to cooperate with prosecutors who discovered her role in the insider trading scandal, in hopes of receiving a lighter sentence for her own crimes
Provided the bulk of evidence that prosecutors used to bring insider-trading charges against Rajaratnam and his high-profile informants
There is a high evidentiary bar for wiretaps, in this case that standard was met
Intercepted many conversations on court-ordered wiretaps Rajaratnam paid $4 million to have Kenny Rogers sing "The Gambler" over & over again at a birthday party
Full transcript