Washington: Two Indian nationals have been sued in the US for allegedly engaging in an illegal trading scheme to earn more than $118,000 in profits. The US Commodity Futures Trading Commission (CFTC) filed a civil complaint in the US District Court for the Northern District of Illinois against Deepak Singhal, a California resident, and his mother Meera Singhal, who lives in India. In its complaint, CFTC said the mother-son duo...
08:24 AM, Jan 13, 2012
As a gloomy New Year for investors starts off, here are some home truths about risk and returns. Satyajit Das Profile: He is an expert on financial derivatives and risk management Known for: His book 'Traders, Guns and Money' was almost prescient in the way it foresaw the troubles of corporate India with derivatives in 2007 Investors approach investment in the same way that Woody Allen approached the subject of...
01:36 PM, Jan 10, 2012
New York: A US judge has asked prosecutors to provide specific financial benefits they allege former Goldman Sachs director Rajat Gupta made by passing inside information to his friend Raj Rajaratnam amidst allegations that he also tipped him about Proctor and Gamble's 2008 sale of Folgers Coffee Co to JM Smucker. The judge's direction came after Gupta's lawyers claimed he made no profits and called the government's allegations "mumbo jumbo"....
10:46 AM, Jan 06, 2012
New York: Hedge fund multimillionaire Raj Rajaratnam began serving his 11-year prison sentence on Monday - the longest on record for insider trading - at a former military base near a small, leafy Massachusetts town. The 54-year-old Galleon Group founder reported to the prison about 40 miles northwest of Boston, at 12.43 pm, said Robert Lanza, a spokesman for the Federal Medical Center Devens in Ayer, Massachusetts. He gave no...
11:20 AM, Dec 06, 2011
New York: Just five days before he was due to start his 11-year jail term for insider trading, hedge fund founder Raj Rajaratnam's lawyers made a last ditch effort to keep him out of jail, asking a US court to let him be free on bail while he appeals his conviction. 54-year-old Rajaratnam's prison sentence is scheduled to begin on December 5 at a federal penitentiary in Massachusetts. A three-judge...
12:41 PM, Dec 01, 2011
New York: At least two Goldman Sachs Group Inc executives face potential interviews under oath in the top US market regulator's civil insider trading case against a former director of the firm, Rajat Gupta, a court heard on Friday. The names of president and chief operating officer Gary Cohn and David Loeb, a managing director, came up at oral arguments in Manhattan federal court over whether or not depositions should...
11:59 AM, Nov 20, 2011
Mumbai: The Reserve Bank on Thursday directed banks to exercise caution with respect to online forex trading by Indian residents where margin payments through a credit card or deposit are required in view of the risk of fraud. "... Banks should exercise due caution and be extra vigilant in respect of the transactions that require residents to make margin payments for online forex trading transactions through credit cards/deposits in various...
03:51 PM, Nov 17, 2011
New York: A federal judge ordered Raj Rajaratnam, the Galleon Group hedge fund founder sentenced to 11 years in prison for insider trading, to pay a record $92.8 million penalty in a related US Securities and Exchange Commission civil case. The penalty imposed by US District Judge Jed Rakoff in Manhattan is in addition to the $63.8 million that Rajaratnam's lawyers said their client has already paid in his criminal...
05:29 AM, Nov 09, 2011
Mumbai: Before Indra Nooyi became CEO of PepsiCo Inc or Vikram Pandit took the reins at Citigroup Inc there was Rajat Gupta, the original "global Indian" who was the first to head a major Western business. More than 17 years after first being elected head of McKinsey & Co, the management consultancy, Gupta was charged last week in part of the same insider trading investigation that saw his friend, hedge...
08:27 AM, Oct 31, 2011
New York: Convicted hedge fund tycoon Raj Rajaratnam has already paid more than $ 63 million in penalties, ordered by the judge who sentenced him two weeks ago for insider trading, one of his lawyers said on Friday in New York federal court. Rajaratnam, 54, is going to prison for 11 years - the longest sentence recorded for an insider-trading case - as the central figure in a broad government...
10:45 AM, Oct 29, 2011
The United States Attorney's Office, Southern District of New York has released a July 29, 2008 US Federal Bureau of Investigation wiretap recording of a conversation between then Goldman Sachs director Rajat Gupta and Galleon Group founder Raj Rajaratnam. Listen. ...
05:09 PM, Oct 28, 2011
New Delhi: Rajat Kumar Gupta, aged 62, educated at IIT Delhi and Harvard Business School. Former Director, Goldman Sachs & Co-Founder of the Indian Business School. And now, an accused in an insider trading case, out on a $ 10 million bail. If found guilty, the poster-boy of Indian-American Wall Street success could face 105 years in prison. If Rajat Gupta's fall from grace was stunning, his rise in the...
08:03 PM, Oct 27, 2011
New York: Rajat Gupta, an accused in an insider trading scam in the US, was hailed for long as a poster-boy of Indians scaling great heights in corporate echelons abroad and his friends describe him as a God-fearing, 'first-class guy'. A native of Kolkata and an IITian, Gupta moved up the corporate ladder fast after graduating from the Harvard Business School. His record boasts of posts like head of consultancy...
06:21 PM, Oct 27, 2011
New York: A New York court has set April 9 as the tentative date for the trial of Rajat Gupta, former Indian American director of Goldman Sachs after he pleaded not guilty to insider-trading charges. India-born Gupta, 62, who had surrendered to the FBI on Wednesday morning, was freed after posting $ 10 million bond, secured by his home in Westport, Connecticut. But he was ordered to surrender his passport...
01:38 PM, Oct 27, 2011
Former Goldman Sachs director Rajat Gupta has been released on a $ 10 million bail bond. ...
01:26 PM, Oct 27, 2011
New York: Rajat Gupta, who pleaded not guilty to charges of securities fraud and that he passed insider information to his billionaire friend Raj Rajaratnam while he was director at Goldman Sachs and Procter & Gamble, was released on Wednesday on a $10 million bond. The 62-year-old Indian American had entered his not guilty plea at his arraignment at a US District court in New York on Wednesday. He was...
08:20 AM, Oct 27, 2011
Former Goldman Sachs director Rajat Gupta has surrendered to the FBI in the US insider trading case on Wednesday. ...
08:06 PM, Oct 26, 2011
The Sensex opened on a high note, up by 75 points and Nifty was up by 15 points during the Mahurat trading session on Diwali. ...
06:03 PM, Oct 26, 2011
Mumbai: Indian equity benchmarks closed the mahurat trading session of Samavat 2068 with moderate gains, helped by capital goods, FMCG, metal and select banks stocks. But, the broader indices outperformed benchmarks quite nicely. The 30-share BSE Sensex rose just 33.97 points, to close at 17,288.83. The 50-share NSE Nifty closed above the 5,200 mark for the first time since August 5, which gained 10.20 points, to end at 5,201.80. Heavyweights...
04:56 PM, Oct 26, 2011
New York: An Indian-origin former analyst, accused of providing confidential company information in the Raj Rajaratnam-led insider trading scam in the US, has been fined a whopping $34 million for his role in the case. Deep Shah, who was with credit ratings agency Moody's, fled the US and is currently believed to be in India. He has failed to "appear, answer or otherwise defend the Securities and Exchange Commission's action,"...
11:57 AM, Aug 25, 2011
