Bloomberg.com reports that Raj Rajaratnam, the billionaire Galleon Group LLC founder, and Danielle Chiesi, an executive at New Castle Funds LLC, were indicted by a federal grand jury for using inside information to profit from stock trades.
The indictment includes 11 counts of securities fraud and conspiracy against Rajaratnam and 10 counts against Chiesi stemming from trades that allegedly generated more than $20 million in illegal profits. It cites multiple schemes dating to 2003 and says the two used secret tips to trade in stocks including Polycom Inc., Hilton Hotels Corp, Akamai Technologies Inc., Google Inc. and International Business Machines Corp.
Learn more: Rajaratnam, Chiesi Indicted in New York for Conspiracy, Fraud
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