Federal authorities have uncovered what they say is the largest case of insider trading ever at a hedge fund – netting an alleged $20 million in illegal profits.
The case centers around billionaire Raj Rajaratnam, a partner at hedge fund Galleon Group. The Federal Bureau of Investigation arrested him on Friday in New York along with five others tied to the case.
It’s the latest hit to the reputation of Wall Street, which has also been shaken over the past year by the Bernard Madoff scandal, other Ponzi schemes, and the whirlwinds of controversy surrounding thebroader crisis in America’s banking system.
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