Financial News and Economical Crisis

In the United States is the largest crime investigation, based on insider stock trading. On Friday on charges of fraud were arrested the founder of hedge fund Galleon
Group billionaire Raj Radzharatnam and five other senior financiers from other companies, which provided him with information. Having earned $ 20 million, Mr. Radzharatnam can fall behind bars until the end of his days.

According to prosecutors for the Southern District of New York, a native of Sri Lanka's 52-year-old Raj Radzharatnam entered into a fraudulent conspiracy with five top managers of large American corporations, who reported the owner of Galleon on the financial situation of their companies, in particular on their quarterly income, before the official announcement. That helped a businessman from 2006 to 2009 to earn at least $ 20 million, playing on the rise and fall of stock prices 12 companies, including search engine Google, hotel chain Hilton Computer Corporation and AMD.

Total running Galleon is capital of $ 7 billion, and a personal fortune estimated Radzharatnama Mr. Forbes at $ 1.3 billion, making him the richest native of Sri Lanka. If the prosecution can prove the existence of insider schemes to earn $ 20 million, billionaire faces life in prison.

Together with Mr Radzharatnamom detained five other financiers of high rank: senior vice president of IBM's Robert Moffet, the investment fund managers New Castle (a former division of the bankrupt bank Bear Sterns) Daniele Chiesa and Mark Kurland, investment director of Intel Rajiv Goel, and also director of consulting firm McKinsey Co Anil Kumar.

This case should be a wake-up call to Wall Street. It demonstrates that we began to investigate insider-trading conspiracies of white-collar workers with exactly the same powerful investigative tools that have been successfully used against the mafia and drug cartels. Now the owners of hedge funds illegally receiving confidential information, know that we can listen, - said at a press conference, Attorney Prov Bharara.

U.S. law enforcement authorities began to investigate the end of 2007 to collect evidence against the suspects they are using employee Galleon installed wiretapping phones main suspects. One of the participants insider scheme agreed to cooperate with investigators and helped to expose the other accomplices Raja Radzharatnama.

In recognition of law enforcement officers, such an unpopular method, as wiretapping phones in the investigation of such cases was used for the first time. Its use is justified by the importance of combating insider trading schemes in the stock. Disclosure of such crimes would inspire many crooks fear of punishment, but also reduce social tensions in times of crisis.

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