"New Castle" 2nd Circuit how dumb are you ppl? ---------- Forwarded message ----------
From: Elyssa Durant
Date: Sat, 3 Apr 2010 09:32:46 -0500
Subject: Reuters - Feds oppose separate trials in insider trading case
To: post@posterous.com ---------- Forwarded message ----------
From: elyssa.durant@gmail.com
Date: Sat, 3 Apr 2010 14:31:47 +0000 (UTC)
Subject: Reuters - Feds oppose separate trials in insider trading case
To: ed70@columbia.edu This article was sent to you from elyssa.durant@gmail.com, who uses
Reuters Mobile Site to get news and information on the go. To access
Reuters on your mobile phone, go to:
http://mobile.reuters.com Feds oppose separate trials in insider trading case Saturday, Apr 03, 2010 1:21AM UTC NEW YORK (Reuters) - U.S. prosecutors on Friday opposed a request by
accused Galleon fund founder Raj Rajaratnam and his main co-defendant
for separate trials in what prosecutors have described as the biggest
hedge fund insider-trading case ever in the United States. Federal prosecutors said Rajaratnam and former New Castle Funds LLC
trader Danielle Chiesi engaged in a common plan to obtain inside
information from multiple sources and shared and exchanged that
information with each other, according to court papers filed in U.S.
District Court in Manhattan,. "Rajaratnam's and Chiesi's illegal insider trading schemes share a
substantial identity of facts and participants -- Rajaratnam and
Chiesi engaged in insider trading in the same stocks, during the same
time period, based on the same inside information obtained from the
same sources," prosecutors wrote in a memorandum. The pair also face trial on civil fraud charges brought by the U.S.
Securities and Exchange Commission along with about 20 other former
traders, lawyers and executives in a purported network that stretched
from Wall Street to Silicon Valley. Prosecutors have accused Rajaratnam of making $45 million, in profits
or avoided losses, from illegal trading based on confidential tips,
and they have alleged that Chiesi made $4 million. Much of the government evidence was gathered using wiretaps and
cooperators. Ten out of 21 people charged have pleaded guilty to fraud
charges. Eight of those, some of them Rajaratnam's former friends and business
associates or onetime Galleon employees, have signed cooperation
agreements with federal prosecutors and may be called to testify. The case is U.S. v. Rajaratnam et al, U.S. District Court, Southern
District of New York, No. 09-01184. (Reporting by Ilaina Jonas; Editing by Jan Paschal)
From: Elyssa Durant
Date: Sat, 3 Apr 2010 09:32:46 -0500
Subject: Reuters - Feds oppose separate trials in insider trading case
To: post@posterous.com ---------- Forwarded message ----------
From: elyssa.durant@gmail.com
Date: Sat, 3 Apr 2010 14:31:47 +0000 (UTC)
Subject: Reuters - Feds oppose separate trials in insider trading case
To: ed70@columbia.edu This article was sent to you from elyssa.durant@gmail.com, who uses
Reuters Mobile Site to get news and information on the go. To access
Reuters on your mobile phone, go to:
http://mobile.reuters.com Feds oppose separate trials in insider trading case Saturday, Apr 03, 2010 1:21AM UTC NEW YORK (Reuters) - U.S. prosecutors on Friday opposed a request by
accused Galleon fund founder Raj Rajaratnam and his main co-defendant
for separate trials in what prosecutors have described as the biggest
hedge fund insider-trading case ever in the United States. Federal prosecutors said Rajaratnam and former New Castle Funds LLC
trader Danielle Chiesi engaged in a common plan to obtain inside
information from multiple sources and shared and exchanged that
information with each other, according to court papers filed in U.S.
District Court in Manhattan,. "Rajaratnam's and Chiesi's illegal insider trading schemes share a
substantial identity of facts and participants -- Rajaratnam and
Chiesi engaged in insider trading in the same stocks, during the same
time period, based on the same inside information obtained from the
same sources," prosecutors wrote in a memorandum. The pair also face trial on civil fraud charges brought by the U.S.
Securities and Exchange Commission along with about 20 other former
traders, lawyers and executives in a purported network that stretched
from Wall Street to Silicon Valley. Prosecutors have accused Rajaratnam of making $45 million, in profits
or avoided losses, from illegal trading based on confidential tips,
and they have alleged that Chiesi made $4 million. Much of the government evidence was gathered using wiretaps and
cooperators. Ten out of 21 people charged have pleaded guilty to fraud
charges. Eight of those, some of them Rajaratnam's former friends and business
associates or onetime Galleon employees, have signed cooperation
agreements with federal prosecutors and may be called to testify. The case is U.S. v. Rajaratnam et al, U.S. District Court, Southern
District of New York, No. 09-01184. (Reporting by Ilaina Jonas; Editing by Jan Paschal)
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