Galleon Group

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Galleon Group
Galleongrouplogo.gif
Founded 1997
Headquarters New York
Key People Raj Rajaratnam, Founder

The Galleon Group was once one of the largest hedge funds in the world with around $7 billion in assets under management at its peak in 2007.[1] The fund was known for its profitability in the trading of technology stocks.

History

On Oct. 21, 2009, in an open letter to investors, Galleon Group announced an "orderly wind down of Galleon’s funds while we explore various alternatives for our business."[2]

In November of 2009, prosecutors and the FBI announced that they had filed charges against several people involved with the Galleon Group hedge fund, including founder Raj Rajaratnam. Most notably, the government filed criminal charges related to insider trading in a number of securities going back to 2006.[3]

On May 11, 2011, Rajaratnam was convicted on all 14 counts against him, of securities fraud and conspiracy to commit it, and faced up to 19 1/2 years in prison and tens of millions of dollars in fines.[4]

Key People

As of May 12, 2011, several key people associated with the Galleon Group insider trading scandal had been convicted, or were awaiting civil penalties, including:

References

  1. Rajaratnam verdict marks significant government victory. BBC News.
  2. Galleon to Wind Down Hedge Funds. WSJ.com.
  3. Raj Rajaratnam, Founder of $3 Billion Galleon Group Hedge Fund, Arrested. Ethio Planet.
  4. Wall Street, Held Accountable. New York Times.
  5. Big names drawn into Galleon web. Financial Times.