Raj Rajaratnam, a portfolio manager for Galleon Group, and one of America's wealthiest man was arrested on Friday by FBI agents together with other hedge fund managers and corporate executives for alleged $20 million insider trading.
Hedge fund manager Raja Rajaratnam in handcuffs after his arrest by FBI agents
for alleged insider trading. (AP Photo)
Raj Rajaratnam's alleged conspirators are: Rajiv Goel, a director of strategic investments at Intel Capital, the investment arm of Intel Corp.; Anil Kumar, a director at McKinsey & Co. Inc., a global management consulting firm; and Robert Moffat, senior vice president and group executive at International Business Machines Corp.'s Systems and Technology Group. Danielle Chiesi and Mark Kurland of New York City were also charged in the case.
Raj Rajaratnam, who was born in Sri Lanka, was ranked No. 559 by Forbes magazine this year as among the world's wealthiest billionaires, with an estimated net worth of $1.3 billion.
A U.S. Magistrate Judge Douglas F. Eaton set bail at $100 million and ordered Rajaratnam, who has both U.S. and Sri Lankan citizenship, to stay within 110 miles of New York City.
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