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Sri Lankan billionaire Raj Rajaratnam was arrested for insider trading in 2009 as part of the largest ever SEC case against a hedge fund.
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On October 16, 2009, police arrested Rajaratnam at his New York City home on charges of insider trading. Senior executives at companies including IBM, Intel, and McKinsey & Company were also arrested, charged with providing Rajaratnam with insider trading tips to the tune of millions of dollars. The SEC estimated the scheme's profits at more than $25 million. Rajaratnam pleaded not guilty,
and was released on a $100 million bond.
Rajaratnam's arrest marked the end for Galleon. Investors immediately pulled their money from the troubled hedge fund, and it closed the same month. By the final days of Rajaratnam's seven-week trial in April 2011, 21 former Galleon employees had been arrested, and 11 pleaded guilty to charges brought against them. The case is the largest ever made against a hedge fund, creating a media firestorm in the wake of the 2008 financial crisis and growing scrutiny of Wall Street.
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