Prosecutor: Galleon Founder Got Tips about Goldman

Friday, 04 Mar 2011 04:03 PM

 

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A prosecutor in New York has told a judge that the government will introduce evidence at the trial of a hedge fund manager to show that a former Goldman Sachs board member gave him inside tips during the 2008 economic crisis.

The prosecutor, Jonathan Streeter, said at Friday's hearing in Manhattan federal court that the tips were made to Galleon fund founder Raj Rajaratnam within minutes of the board member learning the information.

Rajaratnam goes on trial Tuesday on charges he used inside information to earn more than $50 million in illegal profits. He has pleaded not guilty.

He is free on $100 million bail and was present at the pretrial hearing on evidence issues.

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