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The U.S. Attorney's Office for the Southern District of New York announced Tuesday that Raj Rajaratnam and Danielle Chiesi of New Castle Funds were charged with a seventeen count indictment involving conspiracy and securities fraud crimes for their alleged involvement in the largest hedge fund insider trading case in history.
The indictment filed in Manhattan federal court yesterday charged Rajaratnam, 52 with 11 counts of securities fraud and conspiracy.
It alleges that Rajaratnam and Chiesi generated 20.8 million dollars in profits from the inside trading. The illegal trading activities go as far back as 2003 involving multiple schemes to trade stocks in companies including Hilton Hotels, Google, AMD, Akamai, IBM, and Sun Microsystems.
Rajaratnam who is on $ 100 million bail is innocent of all the charges, his lawyer said in a statement.
The FBI arrested Rajaratnam on October 15 in New York after a two-year sting operation.
Rajaratnam, a Sri Lankan Tamil immigrated to the US in 1981. He was an old boy of St. Thomas College in Mount Lavinia. He founded the Galleon hedge fund group in 1997.
His Galleon Fund was one of Sri Lanka's largest foreign investment funds and had large stakes in blue-chip companies. He was the single largest shareholder of conglomerate John Keells Holdings with 52.4 million shares.
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Dec 16, Colombo: A United States federal grand jury Tuesday indicted the Sri Lankan born Galleon Group founder billionaire Raj Rajaratnam for his involvement in a 21 million dollar inside trading scheme.