Sri Lanka feels mixed emotions over Rajaratnam
While Raj Rajaratnam is loathed by hawkish elements of the government, who accuse him of supporting the Tigers, Galleon’s chief is held in awe in Colombo financial circles
Raj Rajaratnam, the billionaire investor and founder of Galleon Group, has been charged in connection with an alleged insider trading scheme described by US prosecutors as the biggest ever involving hedge funds
The scope and complexity of the alleged insider trading ring involving Galleon are thrown into relief after it emerges that one informant was given trading tips by a source in Asia
Two of the five co-operating witnesses in the Galleon insider trading investigation worked as technology industry stock analysts, both for a time at Prudential Financial’s now-shuttered equity research arm
Investigators hope for more charges in what is thought to be a big network of insider schemes
Court documents describing an alleged “insider trading ring” discovered by federal prosecutors hardly read like the details of a typical white-collar case.
US authorities have charged 14 more people in the investigation into insider trading at Galleon, the hedge fund founded by Raj Rajaratnam
US financier Raj Rajaratnam and his hedge fund, Galleon, are at the centre of an investigation into an alleged insider trading scandal that has shocked the financial world. The SEC complaint weaves a complex web of connections involving a host of high-profile individuals and household companies
While Raj Rajaratnam is loathed by hawkish elements of the government, who accuse him of supporting the Tigers, Galleon’s chief is held in awe in Colombo financial circles

Investment: As a New York hedge fund chief faces charges of insider dealing, a case that also involves IBM, Intel and McKinsey executives is causing shock well beyond the world of finance
Nassim Nicholas Taleb, author of The Black Swan, got a shock when he opened the newspaper last weekend and saw a picture of an old classmate from Wharton business school at the University of Pennsylvania
The criminal insider trading case against billionaire investor Raj Rajaratnam and his Galleon hedge funds represents a significant ramping up of the US commitment to tackle market abuse
Investors do not lack for suspicions that some funds’ handsome profits were due to more than skill. But that does not indict hedge funds in general: it is a useful and legitimate industry
The seniority of the people involved and the sheer breadth of institutions where betrayals are alleged to have taken place make this case highly unusual
Raj Rajaratnam was estimated to have received $200m in 2007 alone from Galleon, making him that year one of the best-paid hedge fund managers in the world. Last month - in spite of the financial crisis - his wealth was such that Forbes Magazine named him the 236th richest man in America