Billionaire Raj Rajaratnam charged in insider trading case
By Laurie Bennett
October 17, 2009 at 10:27am
Describing it as the “largest hedge fund insider trading case” ever, federal authorities charged billionaire Raj Rajaratnam and five business executives Friday with conspiracy and securities fraud.
Rajaratnam, listed as number 236 on the Forbes list of richest Americans, is the founder of Galleon Group hedge fund. A native of Sri Lanka, he began his investment banking career at Needham & Co., and founded Galleon in 1997.
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