Sunil Bhalla, a senior executive with Polycom, along with three others was named in fresh charges filed by the US Securities and Exchange Commission on Monday.
Rajat Gupta, 70, the first Indian managing director of McKinsey and who of 17 months in US prison for insider trading, gets ready to tell his side of the story. And he is less than complimentary about Preet Bharara, then the famous crusading US attorney for the Southern District of New York. "The jury, the press and the public saw only... a 'cropped picture', he says. For someone whose life story was a model of the Great American Dream - an Indian of modest means who rose to the highest circles of politics and business, mingling with the White House and Davos crowd - his indictment in 2012 marked a stunning fall from grace. Many ascribed it to the hubris of the rich and powerful, says Kanika Datta.
Rajiv Goel, a former Indian American Intel executive, has said that he passed secret tips to his 'friend' Raj Rajaratnam, the main accused in the largest insider trading case to hit American courts in decades.
The US federal prosecutors have come up with fresh charges against Sri Lanka-born billionaire Raj Rajaratnam based on new information they received from co-defendants who pleaded guilty in what has been described as the largest insider trading scam in the United States' history.
According to Fox News, Sri lankan-born Rajaratnam along with his co-conspirator Danielle Chiesi -- both of whom were indicted on December 15 on charges of using non-public information from company executives to earn around $21 million in illegal profits, entered their pleas before US District Judge Richard Holwell in Manhattan.
Sri lankan-born Rajaratnam along with his co-conspirator Danielle Chiesi was indicted on Tuesday on charges of using non-public information from company executives to earn around $21 million in illegal profits, according to the 37-page indictment.
Rajaratnam, 52, founder of the Galleon Group, was indicted on October 16 for insider trading. The litigants have accused him of knowingly financing the LTTE and providing it with other forms of support through front organisations.
If convicted all of them face imprisonment of up to 20 years, according to the indictment, which reads that the defendants "routinely received inside information directly or indirectly from insiders and provided it to each other for the purpose of trading based on the information", filed in the US court.
The report by the Wall Street Journal said that this Tipper X is Thomas Hardin, a 32-year-old trader at hedge fund Lanexa Global Management.
Never invest in a company or an industry that you have never heard of even if you get a tip-off.
India captain Anil Kumble won the toss and elected to bat against Sri Lanka in the second Test in Galle on Thursday. Both the teams have fielded unchanged sides, that played in the first Test in Colombo.
Kumar has been director on the board of ISB, which is affiliated to Wharton, Kellogg and London School of Business, for four or five years.
Gupta filed a 70-page petition with the US Court of Appeals for the Second Circuit yesterday seeking 'panel rehearing and rehearing en banc', saying in 'rejecting two of his challenges to the exclusion of critical evidence in his case, the panel misapprehended several points' about the insider trading case against him.
The Gupta case is SEC v. Gupta, US District Court, Southern District of New York, No. 11-07566.
Rajat Gupta was freed from Federal Medical Centre Devens, a federal correctional facility in Ayer, Massachusetts, on January 5.
Gupta's lawyer Seth Waxman argued his case during a hearing before a three-judge panel of the 2nd US Circuit Court of Appeals in New York on Monday.
He will now have to submit to the two-year jail term handed down to him.
Indian business, on quite a different trajectory from its global counterpart, remains relatively insulated from any kind of backlash.
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