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White Collar Crime

Wall Street, Beware of the Wire

Galleon Group trial points to new prosecutions.

U.S. prosecutors are saying that the wiretapping of Raj Rajaratnam, the Galleon Group hedge-fund chief accused of insider trading, marks a new beginning for the use of the tactic in sussing out future Wall Street crime. The U.S. attorney in Manhattan says that just like with investigations into organized crime, drug syndicates, and terrorism, wiretaps will loom large in future cases. Sri Lankan native Rajaratnam is accused of being the ringleader of a group that included IBM and Intel executives and profited by as much as $20 million in improper gains.

Read it at Bloomberg

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