Former Goldman Sachs Group Inc. director Rajat Gupta’s breach of contract suit against the chief executive officer of private equity firm New Silk Route Partners was dismissed as moot by a federal judge.
SAC Capital Advisors LP fund manager Michael Steinberg joked that his analyst’s report to SAC founder Steven A. Cohen on a trade might raise concerns with compliance lawyers because of his mention of company contacts.
Galleon Group LLC co-founder Raj Rajaratnam, the fund manager convicted in 2011 of masterminding one of the biggest insider trading schemes in a generation, lost a bid for a rehearing of his case by a federal appeals court.
During his first debriefing by two FBI agents on June 12, 2007, Wall Street insider David Slaine mentioned suspicious trades by two hedge funds: Raj Rajaratnam’s Galleon Group LLC and Steven A. Cohen’s SAC Capital Advisors LP.
One late afternoon in March 2007, Sanjay Wadhwa sat at his desk transfixed by the data on his computer screen. Wadhwa was then a low-level supervisor in the Wall Street office of the U.S. Securities and Exchange Commission investigating a supposedly routine case of “cherry- picking.” The SEC had gotten a complaint that Rengan Rajaratnam, the founder of Sedna Capital Management LLC, a small hedge fund, was doling out a disproportionate share of his best trades to the beneficiaries of a “friends and family” account. It was Wadhwa’s job to figure out what was going on, Bloomberg Businessweek reports in its April 23 issue.