“Galleon Group, the hedge-fund firm at the center of the biggest insider-trading case in decades, liquidated most of its $3.7 billion portfolio last week, a person familiar with the situation said on Tuesday,” Svea Herbst-Bayliss reports for Reuters.
“New York-based Galleon, which specialized in technology and healthcare stocks and owned large positions in Google Inc. and Apple Inc., sold off most of its stakes at advantageous prices, the source said,” Herbst-Bayliss reports. “‘The wind-down is 90 percent complete,’ said the source, who was not authorized to speak about the matter publicly.”
Herbst-Bayliss reports, “Federal prosecutors have accused Raj Rajaratnam, co-founder of Galleon, and five other individuals of illegally trading on nonpublic information in a scheme that netted them $20 million. Rajaratnam says he is innocent. He is free on $100 million bail.”
Full article here.
[Thanks to MacDailyNews Reader “Investor” for the heads up.]