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As you may know, the U.S. government has accused Raj Rajaratnam, the billionaire founder of the Galleon hedge fund -- along with 5 others -- of insider trading.
Sri Lankan-born Rajaratnam, 52, a U.S. citizen, was arrested on October 16 along with the others in what prosecutors described as the biggest hedge fund insider trading case ever. The charges carry a possible prison sentence of up to 10 years.
Federal prosecutors have said that the purported insider trading scheme yielded a profit of more than $20 million – with the fund trading on insider information from 10 companies. They included Hilton Hotels [HLNQ
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According to Gasparino, the SEC’s probe is not necessarily focused on Galleon but instead they are looking at the ‘leakers’ from Silicon Valley. In other words, authorities are investigating Silicon Valley executives who were limited partners in the fund as possible figures that passed along the insider information.
“I’m not saying they’re guilty of anything I’m just saying they’re persons of interest. And I think this is a wake-up call to Corporate America to keep their mouths shut when it comes to material non-public information."
All six defendants were released on bond.
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Trader disclosure: On Oct. 30th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman Owns Puts (BAC); Finerman Owns (PDE), (FLS), (RIG), (WMT); Finerman's Firm Owns (MSFT), (NOK), (PDE), (RIG) (TGT), (WMT); Finerman's Firm Is Long Puts (AMZN); Finerman's Firm Is Long Puts (BAC); Finerman's Firm Is Long Call Spreads (BAC); Finerman's Firm Is Long (FLS); Finerman's Firm Is Short Calls (FLS); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (UNG), (USO, Terranova Owns(GS); Seymour Is Short Puts (AA); Seymour Is Long Puts (BAC); Seymour Is Long Puts (BX); Seymour Is Long Puts (EEM); Seymour Is Long Puts (F); Seymour Is Short Puts (FXI); Seymour Is Long Puts (LVS); Seymour Is Long Puts (MSFT); Seymour Is Short F (PBR); Seymour Is Long Puts (SBUX)
CNBC.com with wires
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