infoTECH News

[December 21, 2009]

Galleon Founder Rajaratnam Pleads Innocent in Insider Trading Case (IBM,INTC)

Dec 21, 2009 (SmarTrend(R) News Watch via COMTEX) -- 12/21/2009-Galleon hedge fund founder Raj Rajaratnam as well as co-defendant Danielle Chiesi, pleaded innocent to charges of securities fraud.

Rajaratnam is only 1 of 21 people being charged in what prosecutors are calling the largest hedge fund insider trading case in history that involves employees of some household names like IBM (NYSE:IBM) and Intel Capital, a unit of Intel Corp. (NASDAQ:INTC).

Thus far, Rajaratnam and Chiesi have been the only defendants to be indicted.

They have allegedly made approximately $20.8 million in illegal profits from the trades.

Write to Chip Brian at cbrian@tradethetrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com.

Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup.html

[ InfoTech Spotlight's Homepage ]

blog comments powered by Disqus

FOLLOW US

Subscribe to InfoTECH Spotlight eNews

InfoTECH Spotlight eNews delivers the latest news impacting technology in the IT industry each week. Sign up to receive FREE breaking news today!
FREE eNewsletter