Raj Rajaratnam

A announcement has been made by FBI that they have filed charges against several people, and one of them is Raj Rajaratnam. Billionaire founder Raj Rajaratnam is associated with ex-Directors of a Bear Stearns Company hedge fund and $3 Billion Galleon Hedge Fund. Galleon Hedge Fund is a famous hedge fund and it is best known for its investment in tech stocks. According to reports, trades on stocks of companies that are under scanner are Google (GOOG), Hilton Hotels, AMD, Akamai (AKAM) and Clearwire (CLWR).

Preet Bharara, US Attorney from Manhattan said.

“The defendants operated in a world of, you scratch my back, I’ll scratch your back,”

According to him, its the largest ever hedge fund insider trading case. Sri Lankan born Raj Rajaratnam charged with eight counts of securities fraud and four counts of conspiracy. Rajiv Goel, Anil Kumar and Robert Moffat are the other persons charged. They worked for Intel Capital, McKinsey & Co. and IBM respectively.

Raj Rajaratnam is considered to be the 559th richest person in the world. He is a MBA graduate of Wharton School, University of Pennsylvania. He also studied in England at University of Sussex. Back in 1981, Raj Rajaratnam moved to the United States.