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11 Oct 2011 10:44

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Biz: Ex-Hedge fund trader Raj Rajaratnam could get huge prison sentence

The U.S. government wants Rajaratnam, center, to receive between 19 and 1/2 years and 24 and 1/2 years for his insider-trading crimes, considered to be the worst since the 1980s. Is that enough? source
Posted by Ernie Smith • 0 Comments • Permalink

08 Mar 2011 10:39

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Biz: Hey, insider trading fans: Keep an eye on this dude’s trial!

The trial of Raj Rajaratnam, the founder of the Galleon hedge fund, starts today. Raj reportedly made $45 million in illicit profits – the worst case of insider trading in a generation. source
Posted by Ernie Smith • 0 Comments • Permalink

08 Feb 2011 22:36

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Biz: How to (reportedly) destroy evidence, according to an insider trader

  • Oh it’s easy. You take two pairs of pliers, and then you rip it open. Put ’em into four separate little baggies, and then at 2 a.m…. 2 a.m. on a Friday night, I put this stuff inside my black North Face jacket, … and leave the apartment and I go on like a 20-block walk around the city … and try to find a, a garbage truck. And threw the @*^! in the back of like random garbage trucks, different garbage trucks … four different garbage trucks.
  • Hedge fund manager Donald Longueuil (reportedly) • In a series of messages explaining how he got rid of key evidence in an insider trading case. The details, from a government complaint, were unsealed today. He reportedly trolled the streets of Manhattan looking for a way to throw away a bunch of documents, including a flash drive and two external hard drives. So he chose to destroy them and throw them away in separate garbage trucks in the middle of the night. Sounds like our kind of party. Too bad the guy who he reportedly explained this to was cooperating with authorities. Oops. source
Posted by Ernie Smith • 0 Comments • Permalink

15 Oct 2010 20:46

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Biz: Countrywide’s former CEO nailed with massive fine by SEC

  • You know Countrywide? Of course you do, if you have any knowledge of big evil companies that screwed millions of good people by convincing them to get into subprime mortgages. Before the proverbial doo-doo hit the fan, the company’s former CEO, Angelo Mozilo, cashed out big time, using his insider knowledge to ensure a big payday. Now, a couple years after the fact, the SEC twisted his arm until he agreed to forfeit a bunch of that money. The details:
  • $140 million in stock sold, based on insider information
  • $22.5
    million     the size of the fine Mozilo will have to pay to settle securities fraud charges
  • $45 million the amount Mozilo will have to give back due to the charges source
Posted by Ernie Smith • 0 Comments • Permalink

19 Oct 2009 09:34

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Biz, World: From insider trading directly into the Tamil Tigers’ pocket?

  • Raj Rajaratnam gave as much as $5 million to a Tamil organization. The Sri Lankan-born billionaire at the center of the insider trading scandal on Wall Street may have helped the now-defeated Tamil Tigers on the side. U.S. records show that Rajaratnam gave $5 million to the Tamil Rehabilitation Organization, and that money could have made its way to the Tigers. Which, if true, could complicate his saintly reputation in his homeland. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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