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.
First 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:
I’ll add more as new details emerge.