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FBI Significant Corporate Fraud Cases – Galleon Group

Galleon Group (New York): The New York Field Office conducted multiple investigations into insider trading. Targets of this investigation included Wall Street analysts and insiders, lawyers, hedge fund analysts and traders, company insiders, and professional consulting firms. Insiders from corporations such as McKinsey & Company, International Business Machines, Advanced Micro Devices, and Goldman Sachs have been charged for the unauthorized release of proprietary corporate information. The most prominent individual convicted in the investigation to date is Raj Rajaratnam, the founder of the $7 billion Galleon Group hedge fund. Mr. Rajaratnam was convicted in May 2011 by a federal jury on all 14 counts he faced pertaining to his insider trading activity and was subsequently sentenced to 11 years’ imprisonment. This investigation has shown the FBI’s propensity to use all tools available at its discretion, including Title IIIs, to combat financial crimes. As of September 30, 2011, 48 convictions have been obtained in this wide-ranging FBI probe into illicit insider trading activity on Wall Street and in the boardrooms across the United States.

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