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Billionaire Hedge Fund Manager Charged in Insider Trading Scheme

The SEC charged a billionaire hedge fund manager in an insider trading scheme that also allegedly involved senior executives at IBM, Intel, McKinsey & Co. and New Castle Funds. The SEC said it is the largest hedge fund insider trading case ever filed.

The SEC complaint, filed in federal district court in Manhattan Oct. 16, charges that Raj Rajaratnam and his New York-based hedge fund Galleon Management engaged in a massive insider trading scheme that generated more than $25 million.

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Mary Swanton

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