Results tagged “rajrajaratnam”

Even though he's claiming he's innocent of insider trading charges, billionaire Raj Rajaratnam is liquidating his Galleon Group hedge fund and preparing to shut it down. In a letter sent to investors, Rajaratnam wrote, "I want to reassure investors of the liquidity of our funds and assure Galleon employees that we are seeking the best way to keep together what I believe is the best long/short equity team in the business. I want to reiterate that I am innocent of all the charges."

To no one's surprise, traders at the Galleon Group have been working on their resumes and calling their lawyers, after the hedge fund's founder Raj Rajaratnam was arrested on insider trading charges last week. However, he was in the office yesterday (out on $100 million bail) and also offered a letter to employees, friends and clients: "As I am sure you understand, I am not able to respond in detail to the charges recently brought against me. But let me be clear: they are, without exception, entirely baseless. I am innocent and will vigorously defend myself and our firm."

The upside of being a billionaire when you're accused of insider trading? You can post the $100 million bail! Hedge fund founder Raj Rajaratnam, who was arrested on Friday after feds said he and five others shared inside information and tips to make $20 million, posted the bail on Saturday. The NY Times says that he's expected to be at his hedge fund's offices today to address his employees.