Before asking ex-Galleon Group LLC U.S. President Richard Schutte about $25 million in investments he received from Raj Rajaratnam and his family, prosecutors sought to make sure defense lawyers didn’t prepare Schutte for the question.
David Slaine had a secret for the FBI that summer day, one of scores he would eventually reveal in his role as a dream informant. The subject was Teterboro Airport. Slaine claimed a money manager he knew was using it to profit quietly on trades of health-care stocks.
Federal prosecutors said they were prepared to summon Goldman Sachs Group Inc. President Gary Cohn as a witness to rebut Galleon Group LLC co-founder Raj Rajaratnam ’s defense in his insider-trading trial.
Richard “Rick” Schutte , the ex- president of hedge-fund company Galleon Group LLC, sparred with a prosecutor at the insider-trading trial of Raj Rajaratnam over the nature of competition, pressure and investor expectations.
A second Goldman Sachs Group Inc. employee is under investigation for passing illegal tips to Galleon Group LLC co-founder Raj Rajaratnam, a lawyer for former Goldman Sachs Director Rajat Gupta said in court today.
Ali Far, a former Galleon Group LLC fund manager, was spared a prison sentence after giving prosecutors “substantial assistance” by secretly recording conversations with the fund’s co-founder Raj Rajaratnam and three other insider traders.
Galleon Group LLC’s Raj Rajaratnam, claiming that prosecutors overstated how much he profited from directing what they called the biggest hedge fund insider- trading scheme in history, said he should get a prison term of 6 1/2 to 8 years.
Federal prosecutors said they were prepared to summon Goldman Sachs Group Inc. President Gary Cohn as a witness to rebut Galleon Group LLC co-founder Raj Rajaratnam’s defense in his insider-trading trial.