Write Facts and Figures of the following Scandals in the Financial Markets: 1. Raj Rajaratnam and Galloen
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In October 2009, the Justice Dep artment charged Raj Rajaratnam, a New Yor k hedg e fund manager, with fourteen counts of securities fraud and consp iracy. Rajaratn am, who was bfound guilty on a ll fourte en coun ts on May 11, 2011, had allegedly cultivated a network of executives at, amo ng ot , Intel, Mc K insey, IBM, and G oldman Sach s. These insiders provided him with mate rial nonpublic infor mation.[1] Pree t Bharara, the government’s attorney, argued in the case that Raj Rajaratnam ha d made approx imately $60 million in illi cit pro fits from insid e informat ion.[2] Rajaratnam’s convi ction in fact falls into a larger post-recession crackdown on insider trading undertaken by the SEC and the US Justice Department, led by Preet Bharara.[3]