Sri-Lankan born Raj Rajaratnam an example of corrupt American insider trading scams
Tania Harding
Oct. 17, 2009

In 1997, Sri-Lankan born Raj Rajaratnam launched his hedge fund Galleon Technologies and said ''This is Raj...only the paranoid survive.'' He may be just the tip of the ice berg of American insider trading.

With close to $8.3bn in assets, Raj Rajaratnam's Galleon Group was one of the large hedge funds on Wall Street.

Forbes Magazine named him the 236th richest man in America.

FBI has alleged that Mr Rajaratnam was part of an insider-information-dealing ring that profited from price-sensitive technology stock information unavailable to the wider market.

According US Attorney in Manhattan, Raj's insider tarding rings involved trades in companies including Google, IBM, Sun Microsystems and Hilton and produced profits in excess of $20 million.

According to the US Attorney, Robert Moffat, a senior vice-president at IBM; Rajiv Goel, a director in strategic investments at the investment arm of Intel; and Anil Kumar, a director at McKinsey provided the insider information.

Many of the defendents are denying charges. However, this may be the tip of the iceberg. Insider tarding by hedge funds is supected inside the Wall Street's inner camps for a long time. Otherwise these funds cannot provide 23 to 30% return year after year even during bear markets.

It may serve as the wake up call to all those involved in insider trading especuially the professionals in hedge funds and the private equity funds.

Sri-Lankan born Raj Rajaratnam an example of corrupt American insider trading scams
Tania Harding
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