Billionaire hedge fund manager arrested on insider trading charges

Filed under: Insiders, Law, Google (GOOG), Intel (INTC), International Business Machines (IBM), Sun Microsystems (JAVA)

Raj Rajaratnam's life has just changed profoundly. The 52-year-old founder, fund manager, and partner at the Galleon Group has been accused of insider trading, conspiring with others (now named as defendants with him) to trade shares of Google (NASDAQ: GOOG), Hilton (OTC: HLNQ), and Sun Microsystems (NASDAQ: JAVA), among others. Rajaratnam generated $25 million in profits on these trades, but that's moot now.

Rajaratnam, who is #559 on the list of the world's richest people, with a net worth of $1.3 billion, now faces fines of up to $250,000 and from 5 to 20 years in prison. I doubt he'll be in the same slot on next year's list of billionaires.

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Billionaire hedge fund manager arrested on insider trading charges originally appeared on BloggingStocks on Sat, 17 Oct 2009 12:40:00 EST. Please see our terms for use of feeds.

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