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Securities Fraud: The Rise of Wiretaps And Government Eavesdropping in Securities Fraud Cases
By Kenneth Breen; Sean Haran
Law Enforcement Is Listening
Over the last 18 months, the Department of Justice and SEC have ramped up their investigation and prosecution of insider trading. The most prominent recent example of this heightened scrutiny is the criminal case against Raj Rajaratnam, the founder of Galleon Management, which was a hedge fund that at one time had over $5 billion under management.1 Authorities alleged that Rajaratnam was at the center of a wide-ranging insider trading ring that generated over $63 million in profits. On May 11, 2011, after a two-month long trial, a jury found Rajaratnam guilty in New York of all 14 counts of insider trading and conspiracy.2 In addition, the DOJ and SEC have brought a number of insider trading cases involving information obtained through various “expert networks,” which employed consultants who allegedly passed on information that they learned from companies for which they worked, mainly in the health care and technology industries.3 The government built many
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