A Million Dollar Scam Done By a Billionaire Raj Rajaratnam - Galleon Group charged with Insider-Trading Scam
I am left with a Dollar
Billionaire to a Beggar
Billionaire Raj Rajaratnam - the founder of the Galleon Group and five others have been charged on Friday, October 16, 2009, with a large Hedge Fund insider-trading scheme, which involved several publically traded companies. The investigators used the telephone wire taps to keep track of the events. The SEC and authorities say the case has generated more than $20 Million in illegal profits.
U.S. Magistrate Judge Douglas F. Eaton set bail at $100 million to be secured by $20 million in collateral despite a request by prosecutors to deny bail. He also ordered Rajaratnam, both a Sri Lankan and U.S. citizen, to stay within 110 miles of New York City.
Rajaratnam, 52, was ranked No. 559 by Forbes magazine this year among the world’s wealthiest billionaires, with a $1.3 billion net worth.