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Raj Rajaratnam arrested in insider trading case

Written by: James Guttenburg on 17th October 2009 |

Raj Rajaratnam arrested in insider trading case

Raj Rajaratnam, billionaire founder of the Galleon Group, a major hedge fund, is led in handcuffs from FBI headquarters in New York Friday, Oct.16, 2009. Rajaratnam was charged with insider trading in the stock of several companies including Hilton, Clearwire, and Google. (AP Photo/ Louis Lanzano) Original Filename: Hedge_Fund_Insider_Trading_NYLL101.jpg | read this item

Raj Rajaratnam, billionaire founder of the Galleon Group, a major hedge fund, is led in handcuffs from FBI headquarters in New York Friday, Oct.16, 2009. Rajaratnam was charged with insider trading in the stock of several companies including Hilton, Clearwire, and Google. He was one of the wealthiest persons in the whole world. He ranked 559th according to Forbes Magazine. And he was arrested last Friday in connection with a $20 million insider-trading case. Why Raj Rajaratnman is famous? Simply because he’s the founder of the Galleon Group.

What is the Galleon Group? The Galleon Group is one of the largest hedge funds in the world, it was founded by Raj Rajaratnam in 1997. Its headquarters are located in New York City, USA.

Raj Rajaratnam is US citizen residing in New York. Born in Sri Lanka, 1957. He was a hedge-fund trader who started his career at Needham & Co., becoming its president in 1991. He founded the Galleon Group in 1997.

He was one of the most successful businessmen among a diaspora of Tamils who left Sri Lanka to prosper overseas. After the 2004 tsunami hit Sri Lanka, he set up a local charity and urged others to contribute to rebuilding. This year he gave $1 million for the reintegration in society of Tamil fighters, whose military movement was defeated in May.

[Via ShowbizGossips.com]

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Topics: Galleon Group, Hedge-Fund, Raj Rajaratnam