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Two of the brokerage firms that have traded with Raj Rajaratnam's Galleon Group -- Bank of America Merrill Lynch and Barclays -- have told the firm they no longer will, the Wall Street Journal reported on Monday, citing a person close to the situation.
The Journal reported that Galleon has started to sell off some of its technology stocks and other holdings to raise money in the face of investor withdrawals after founder Rajaratnam was charged with insider trading by U.S. federal investigators on Friday.
According to the report, Galleon has not had problems selling off stock despite the refusals by Barclays [BARC-LN
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] and Bank of America [BAC
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] because it uses about ten other brokerage firms.
The Journal also said that Rajaratnam addressed Galleon's employees at its New York office on Monday, saying he did nothing wrong and imploring them "to take care of our investors." The report cited someone who was at the meeting.
Galleon, Barclays and Bank of America could not be immediately reached for comment.
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