June 15, 2012 |
U.S. Atty. Preetinder "Preet" Sing Bharara -- a modern-day version of Eliot Ness? Back in the late 1920s, Ness made a name for himself as a Prohibition agent and leader of a law enforcement team called "The Untouchables. " He went after bootleggers, gangsters including Al Capone. These days, the public has turned its attention to Wall Street wrongdoing after the financial crisis. And Bharara -- who was named this year by Time magazine as "One of The 100 Most Influential People in the World" -- has notched conviction after conviction in a sweeping insider trading investigation.
June 4, 2012 |
The highest-profile trial underway in New York may soon see testimony from a marquee witness: Lloyd Blankfein, chairman and chief executive of the powerful investment bank Goldman Sachs. Blankfein could testify as early as Monday in the insider-trading trial of former Goldman director Rajat Gupta, who is accused of illegally passing secret company information to hedge fund manager Raj Rajaratnam. Rajaratnam, who ran a vast insider-trading network as head of the Galleon Group, was sentenced to 11 years in prison following his own trial last year.
June 14, 2012 |
Jurors in Rajat Gupta's trial are weighing the former Goldman Sachs director's fate in his high-profile insider-trading case in New York. Gupta, 63, is the highest profile defendant to face charges in a wide-ranging insider-trading scheme headed by Raj Rajaratnam. Rajaratnam was found guilty last year and sentenced to 11 years in prison. Gupta's trial featured multiple days of testimony by Goldman's chairman and chief executive officer, Lloyd Blankfein, as well as videotaped testimony by Ajit Jain, who is seen as a potential successor to legendary investor Warren Buffett to run Berkshire Hathaway Federal prosecutors have produced emails, phone records and other documents in their bid to prove Gupta was a highly placed tipster for Rajaratnam, providing illegal inside information to Rajaratnam, head of the Galleon Group hedge fund.
December 4, 2012 |
NEW YORK -- Rajat Gupta, a former Goldman Sachs director a found guilty of insider-trading charges in October, will try to remain free while he appeals his conviction. Gupta's bid to stay free beyond his Jan. 8 surrender date is scheduled to be heard Tuesday by the U.S. 2nd Circuit Court of Appeals. If Gupta begins serving his two-year sentence and his appeal were eventually successful, he could conceivably be freed or face a new trial after serving much of his sentence. In court papers, Gupta's lawyers laid out what they claimed were judicial errors in the case, and concluded: "Gupta was denied the opportunity to present the best evidence of his innocence. These errors pervaded the whole trial.
March 18, 2011 |
A former Goldman Sachs Group Inc. director accused of leaking confidential information is suing the Securities and Exchange Commission, saying the agency "unfairly and unconstitutionally" singled him out. The SEC has accused Rajat Gupta, former head of consulting firm McKinsey & Co., of giving inside information about Goldman to his friend and business partner Raj Rajaratnam. Rajaratnam, former head of the Galleon hedge funds, is on trial on 14 counts of insider trading. He has denied any wrongdoing.
January 19, 2012 |
The arrest of a South Pasadena investment manager on insider trading charges extended the government's sweeping investigation beyond Wall Street into a remote outpost of the investment world. Danny Kuo, a technology expert at Whittier Trust Co., was taken into custody by FBI agents in the cold pre-dawn hours Wednesday at his two-story Spanish-style home in a residential neighborhood. Unlike the dozens of high-level hedge fund managers who have been arrested in the government's four-year crackdown on illicit trading, Kuo, 36, toiled at a mid-size 77-year-old firm that keeps a low profile and caters to rich families.
July 19, 2013 |
In April 2004, Rajat Gupta gave a talk at Columbia University. One student asked the former global managing director of McKinsey & Co. for his views on money and wealth creation. "Yeah, I am driven by money.... However much you say that you will not fall into the trap of it, you do fall into the trap of it," he said. Those words would prove prescient. Eight years after he uttered them, Gupta was convicted by a New York court of insider trading, of leaking privileged information gleaned from his position on the board of Goldman Sachs to Raj Rajaratnam, founder of the hedge fund Galleon.
March 30, 2012 |
Ray Dalio of Bridgewater Associates took home $3.9 billion last year. Fellow investment kings Carl Icahn and James Simons each made off with more than $2 billion. To the average plebeian, that's a lot of money. But for the top 25 hedge fund earners in the U.S., 2011 was the year that they collectively took a 35% pay cut and suffered one of the least profitable periods in their history, according to an annual ranking from investment magazine AR . Blame the European debt crisis , which roiled markets around the world and made timing the markets even more difficult than usual.
March 16, 2013 |
Two affiliates of embattled hedge fund SAC Capital Advisors agreed to pay $614 million to settle insider-trading charges in what regulators said was the largest-ever penalty for such cases. Billionaire Steven A. Cohen, who founded the company, was not accused of any wrongdoing and not named in the settlements. The case has fueled speculation that Cohen may be the ultimate target of the investigation by the Securities and Exchange Commission and federal prosecutors. The SEC's deal dwarfs the $400-million fine the agency slapped on junk-bond king Michael Milken, who came to exemplify the rampant sharing of illicit information on Wall Street during the 1980s.
April 27, 2012 |
Prosecutors probing insider trading in the medical devices industry are investigating a senior Goldman Sachs banker and a former employee of the notorious hedge fund Galleon Group. The investigation, according to a person briefed on the matter, is focused on the 2009 takeover of Advanced Medical Optics in Santa Ana. The U.S. attorney's office in Los Angeles has been scrutinizing the ties between Goldman managing partner Matthew Korenberg, who worked on the Advanced Medical Optics deal, and Paul Yook, a former portfolio manager at Galleon, the person said.