Raj Rajaratnam made $4 million on Hilton stock in a single day after allegedly getting tips.
Both the prosecution and defence made opening statements on the second day of the trial involving the Sri Lankan-born billionaire who faces charges of 14 counts of security fraud and conspiracy.
The Gupta case is SEC v. Gupta, US District Court, Southern District of New York, No. 11-07566.
In a partial reprieve to Manmohan Shetty, former chairman of media company Adlabs Films, the Securities Appellate Tribunal (SAT) on Friday lowered the penalty amount to Rs 25 lakh from Rs 1 crore for alleged violation of regulatory norms.
Since April 25, 12 jury members have been deliberating on the 14 counts of securities fraud and conspiracy charges levied against the main accused Raj Rajaratnam.
Raj Rajaratnam, the Galleon Group founder accused of masterminding the largest insider trading scam in the US history, has asked a judge to exclude some wiretaps from his trial next month, arguing they have little to do with the case.
UK telecom giant Vodafone has alleged that its Indian joint venture partner, the Essar group, may be involved in violation of insider-trading regulations. The dispute between the two came into the open after Essar proposed a reverse merger of group company Essar Telecom Holdings (ETHPL) into listed entity Indian Securities (ISL).
Raj Rajaratnam, the key accused in the biggest insider trading case in US history, worked hard to learn how the markets was operating and didn't need illegal tips to make money, a former executive of the hedge fund has testified.
Smith, who is the US government's third key witness in the case, had pleaded guilty in January.
Former McKinsey director Anil Kumar on Friday testified against his ex-Wharton classmate and Sri Lankan-born billionaire Raj Rajaratnam in the biggest insider trading case to hit US courts in decades.
Bharara has also asked the US Court of Appeals to deny 65-year-old Gupta's motion, filed earlier this month, that his bail be continued pending resolution of his petition for rehearing the insider trading case.
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
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.
A McKinsey veteran, Gupta has decided to take "leave of absence" from management of $1.4-billion PE fund New Silk Route, which he co-founded five years ago.
Goldman Sachs' director Rajat Gupta tipped off Raj Rajaratnam, an accused in insider trading scam, about a deal between Buffett-led Berkshire Hathaway and the Wall Street giant, before the public announcement.
The US government is examining the possible role of Goldman Sachs and well-known investment banker Rajat Gupta in the Galleon hedge fund insider trading scam, says a media report.
Reliance Petroinvestments, a subsidiary of Mukesh Ambani-led Reliance Industries Ltd (RIL), has approached the Securities Appellate Tribunal against the capital markets regulator, which imposed a Rs 11-crore (Rs 110 million) penalty on the company in the Indian Petrochemicals Corp Ltd (IPCL) insider trading case.
The Transforming Finance initiative seeks to address these problems by including all stakeholders in a process of democratizing finance through a deep re-structuring of its mechanisms.
Both companies can now complete the deal.
Huang, also known as Wong Kwong-yu, was convicted by the Beijing No 2 Intermediate People's Court with also ordered confiscation worth 200 million yuan of his assets.
Last month, the high court had ordered an interim status quo on the $4-billion deal, after a suit from some individual investors alleged insider trading in Ranbaxy's shares by Silverstreet Developers, Sun's wholly owned arm, before the deal was announced on April 6.
The latest in this class is the complaint of insider trading filed by the United States Securities Exchange Commission against many individuals in a Manhattan court. The list of individuals includes Anil Kumar, a member of the much-feted Indian School of Business and reputed hedge fund manager Raj Rajaratnam.
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.
Acting finance minister Pranab Mukherjee, in a written reply, said Mukesh Ambani-led Reliance Petroleum Ltd was one of the 19 companies against which complaints of insider trading were received by market regulator Securities and Exchange Board of India.
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.
There has been a rise in the number of cases of stock market manipulation and price rigging, according to the Securities and Exchange Board of India (Sebi).
Reliance Industries has not violated any regulations, a spokesperson for Mukesh Ambani-led firm said on Monday, when asked about Sebi's show-cause notice in relation to sale of shares of its then subsidiary Reliance Petroleum in late 2007.
Gupta lost his final bid to avoid reporting to jail after the US Supreme Court last week denied his application to remain free on bail while his insider trading case is reheard.
While Shah is a former analyst at the Moody's Investor Service, Shankar who has already pleaded guilty is a former proprietary trader at Schottenfeld Group in New York.
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.
Sebi, which is probing charges of insider trading in the Satyam case, sought a day's custody of Ramalinga Raju and Rama Raju, who are currently in judicial custody. The regulator's request for a day's custody of the Raju brothers, however, was turned down by the sixth additional chief metropolitan magistrate on January 23.
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.
Sebi has launched a coordinated investigation with the Registrar of Companies to examine transactions between Satyam and its bankers BNP Paribas, Citibank, HSBC, HDFC and ICICI Bank
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
Rajat Gupta's lawyer Rishi Bhandari said suit was filed in order to ensure that there was a designee on the board.
The western region bench of the Company Law Board has rejected a petition filed by the co-promoters of Zandu Pharmaceuticals Works opposing an alleged take-over bid by rival Emami, saying it has no jurisdiction in this issue and adding that the Securities and Exchange Board of India needed to intervene.
Cuban faces insider trading charges for avoiding a $750,000 loss on an investment in an Internet search company.
"What's wrong in that? Even if you have shares, you will sell them," Corporate Affairs Minister Prem Chand Gupta told reporters in New Delhi. The minister was replying to a query as to whether the fact that Murty sold the shares between December 12-16, 2008, was a matter of concern and could have been a case of insider trading as the sale preceded an abortive acquisition deal -- now at the centre of the accounting scam in Satyam.
Dr Zachariah P Zachariah, arguably the most influential Indian- American Republican and a major fund-raiser for the party for more than two decades and a close friend of the Bush family, has been charged with insider trading by the United States's Securities and Exchange Commission.
More punitive action was needed against the company and the management, say experts
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