U.S. Court Imposes Record $92.8 Million Fine for Insider Trading on Rajaratnam

Billionaire hedge fund manager Raj Rajaratnam, recently handed a record 11-year prison term for masterminding a massive insider trading scheme, was ordered by the U.S. District Court to pay a record monetary penalty of $92,805,705 in the SEC’s related enforcement action…

Hedge Fund Manager Rajaratnam Receives Record 11-Year Sentence On Insider Trading Charges

Former Galleon Management LLC principal Raj Rajaratnam was sentenced Oct. 13 in the U.S. District Court for the Southern District of New York to 11 years in prison—the lengthiest term ever imposed on an individual for insider trading violations…

SEC Drops Administrative Suit Against Gupta; Constitutional Claims Against Agency Mooted

The Securities and Exchange Commission Aug. 4 dropped its administrative insider trading case against former Goldman Sachs Inc. (GS) director Rajat Gupta in exchange for Gupta’s mooting his constitutional claims against the agency in federal court…

BNA INSIGHTS: Wiretap Evidence Raises the Bar For Insider Trading Convictions Following Rajaratnam Case

The most far-reaching consequences of Raj Rajaratnam’s trial and conviction last month on the 14 securities fraud and conspiracy counts he was facing will undoubtedly result from the fact that the verdict was delivered by jurors who had listened to 45 different wiretap recordings in court…

U.S. Prosecutors May Be Emboldened by Guilty Verdict in Rajaratnam Insider Trading Trial

The May 11 guilty verdict in the insider-trading trial of former Galleon Management LLC principal Raj Rajaratnam may embolden federal prosecutors to use increasingly aggressive tactics during insider trading cases, former prosecutors told BNA May 11 (United States v. Rajaratnam…

DOJ, SEC Charge M&A Lawyer, Trader over Longrunning $32 Million Insider Trading Plot

The U.S. Attorney’s Office for the District of New Jersey April 6 charged a mergers and acquisitions attorney and a stock trader with conspiracy, securities fraud and other violations over their alleged roles in a long-running insider trading scheme…

SEC Scores Major Win in Dispute over Wiretaps in Hedge Fund Insider Case

In a major coup for the Securities and Exchange Commission, the U.S. District Court for the Southern District of New York Feb. 1 ordered Galleon Management LP principal Raj Rajaratnam to provide the agency with wiretap evidence obtained by prosecutors in a related criminal case for use in its civil insider trading action (SEC v. Galleon Management LP, S.D.N.Y…

OUTLOOK 2011: SEC 2011 Enforcement Trends to Include Whistleblowers and Cooperation

In 2011, the single most important development likely to impact the Securities and Exchange Commission’s enforcement program is finalization of the whistleblower bounty program, the defense bar told BNA in recent interviews and comments.

Other major enforcement trends anticipated to take center stage this year include further development of the SEC’s cooperation program; a continuing close alliance between the SEC and…

SEC, U.K. FSA Allege Former Deloitte Partner Was Key to Family-Run Insider Trading Ring

The Securities and Exchange Commission Nov. 30 announced that it and the U.K.’s Financial Services Authority disrupted what they believe to be a multi-million dollar insider trading network anchored by a…

Criminal Insider Trading Defendants Rajaratnam, Chiesi Lose Bid to Suppress Wiretap Evidence

Criminal insider trading defendants Raj Rajaratnam and Danielle Chiesi Nov. 24 lost their bid in the U.S. District Court for the Southern District of New York to suppress Title III material obtained by government telephone…

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