Raj Rajaratnam Charged

According to various reports, Galleon Group founder Raj Rajaratnam was charged by a federal grand jury in Manhattan on five counts of conspiracy and six counts of securities fraud stemming from the insider-trading case involving a hedge fund.

Additionally, Danielle Chiesi, a former consultant with New Castle Partners LLC, was charged with three counts of conspiracy and seven counts of securities fraud.

This indictment brings the first criminal charges resulting from the insider-trading case and comes two months after the Securities and Exchange Commission filed a complaint involving both Rajaratnam and Chiesi.

There has been no further information released by the U.S. Attorney Office in Manhattan involving the case that first rattled the hedge fund market on October 16.

According to a statement from Rajaratnam's lawyer, John Dowd of Akin Gump Strauss Hauer & Feld LLP, his client is innocent "and looks forward to his day in court when a jury of his fellow citizens will examine and evaluate all of the evidence.

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