Financial Times FT.com

Informant says Galleon tips came from Asia

By Joanna Chung in New York

Published: November 20 2009 02:58 | Last updated: November 20 2009 02:58

The scope and complexity of the alleged insider trading ring involving Galleon and other hedge funds were thrown into relief on Thursday when it emerged that one of the informants who helped US prosecutors was given trading tips by an unidentified source in Asia.

Richard Choo-Beng Lee, a co-founder of a hedge fund called Spherix Capital, who pleaded guilty to insider trading charges last month, told a federal judge he traded on information from a source in Asia.

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