With the entire world, and certainly GETCO's ES and EURUSD algos, focused on every single update out of the Italian Senate race, which now appears certain to not bring the necessary 158 seats to the Bersani-Monti coalition leading to a chaotic revote in the coming months, here is some tangential news of the "who could have ever seen this coming variety." Following last week's Heinz insider trading probe, which implicated a Goldman Sachs account in Zurich belonging to some private wealth client, who was so anonymous
NEW YORK — Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Monday pleaded not guilty to insider trading charges.
The younger Rajaratnam entered his plea in Manhattan federal court, one day after his arrest at John F. Kennedy International Airport in New York. FBI agents had escorted him to the United States on a flight from Brazil.
Prosecutors on Thursday accused Rengan Rajaratnam, 42, of conspiring with his brother to trade on non-public information concerning Clearwire Corp and Advanced Micro Devices Inc in 2008.
For many people, the biggest shock of the Galleon Group’s insider trading case was not the implosion of the hedge fund group, nor the conviction of its leader, Raj Rajaratnam. It was the indictment—and subsequent conviction—of Rajaratnam’s friend, Rajat Gupta. The former managing director of McKinsey & Company, Gupta was not only one of the most respected members of the Indian-American business community, but he had achieved even greater public renown as a leading global philanthropist in his post-McKinsey career.
Billionaire hedge fund titan Steven A. Cohen, one of the most high-profile and controversial Wall Street figures of the last decade, has been implicated in what federal officials are calling “the largest insider trading case ever charged by the SEC,” according to The Wall Street Journal.
A federal judge Wednesday ordered former Goldman Sachs board member Rajat Gupta to pay a $13.9 million penalty related to insider trading, the Securities and Exchange Commission announced. Under the order, signed by US Judge Jed Rakoff, Gupta is also barred from acting as an officer or director of a public company and from associating with any broker, dealer or investment advisor, the SEC said.