Galleon Hedge Fund Taking On Water
The Galleon Group Corporate Headquarters
Much like the Spanish galleons of old, which sailed back to the motherland laden with the ill-gotten riches plundered from the Americas, the
Galleon Group of hedge funds was nailed today for insider trading.
I’ve only skimmed the indictment, but what caught my eye was the paying off of newsire service employees for an early look at
Google’s earnings release as well as the bribe to a Moody’s analyst ahead of a credit ratings change.
Pequot, now Galleon, a $3 billion fund. Its nice to see them go after the big ones.
Congrats to the SEC and FBI.
Here’s some coverage:
Hedge Fund Exec Charged (DealBook)
Sold Out By His Own Employees? (Dealbreaker)
I’ll add more as new details emerge.
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