After Goldman Director Rajat Gupta told Galleon Group LLC
co-founder Raj Rajaratnam about topics raised at a bank board meeting, the
hedge fund manager increased by $4 million Gupta’s stake in a fund in which
both men were investors, prosecutors alleged.
The government claim was included in a motion filed
yesterday in Manhattan federal court. The U.S. is seeking to use a wiretap
recording of a July 29, 2008, call between the two men at Gupta’s May 21 trial
on insider trading charges.
“The evidence at
trial will show that Rajaratnam agreed to increase the value of Gupta’s stake
by approximately $4 million, and shortly after the July 29 call, Rajaratnam had
a Galleon employee send Gupta a letter, on Galleon letterhead, memorializing
the increased value,” the government said….
Read more about it at http://www.bloomberg.com/news/2012-05-15/gupta-stake-in-fund-increased-after-tip-u-s-says.html
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