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Wall Street kingpin found guilty of insider trading faces 20 years in jail

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posted on May, 12 2011 @ 07:48 AM
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Wall Street kingpin found guilty of insider trading faces 20 years in jail


www.indep endent.co.uk

In the end, the Galleon founder was brought down by the evidence of his own conversations, phone calls he believed were secret but which were in fact being taped by the FBI, using wiretaps for the first time in an insider trading case. Jurors heard Rajaratnam gloating about the information he had obtained on companies including chipmaker AMD and Goldman Sachs.
(visit the link for the full news article)




posted on May, 12 2011 @ 07:48 AM
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Well, apparently the FBI is paying some attention, which I think is great - but -- are they tapping enough kingpins? Why would they target only one?

Does this mean they have decided it's okay to wiretap and do undercover work to uncover Wall Street's dirty secrets?

I certainly hope so. I know the FBI and CIA have long been unwilling to cooperate, but I understand that is changing over the last decade.

I can only hope this is a sign of better things to come.


www.indep endent.co.uk
(visit the link for the full news article)



posted on May, 12 2011 @ 07:51 AM
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Now we know how he did it: he was the kingpin in a massive conspiracy to harvest secret share tips from corporate informants, building Galleon in part on the profits of insider dealing, a Manhattan jury has found. On nine counts of securities fraud and five of conspiracy to commit fraud, the foreman delivered its verdict to Rajaratnam yesterday: guilty as charged.


Ahhh...some justice. Finally. And a blown conspiracy!! What do you think, ATS?


MODS: I did a search for this guy and didn't see anything when I began this news post. Just in case I get accused of double-posting something...

EDIT to link in another story from yesterday: www.independent.co.uk...
Dealer Raj Rajaratnam guilty of £36m shares fraud
edit on 12-5-2011 by wildtimes because: (no reason given)



posted on May, 12 2011 @ 07:51 AM
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Insider trading happens every single day, it's just a matter of who gets caught or not.. you think after generating billions they would slow down their greed for money, but they keep on doing it.



posted on May, 12 2011 @ 07:57 AM
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He should be thrown in jail for the rest of his life and all his 'wealth' should be redistributed to every single person living in the United States even if it just comes out to be 2 cents each. The corruption needs to stop and examples need to be made.



posted on May, 12 2011 @ 08:00 AM
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I agree with both of you. It does happen every day, and he should be thrown away -

The second article I linked to was from yesterday - 45 FBI tapes, and the defense tried desperately to get the judge to cry "faulty warrant", but he didn't - he let in the tapes.
GOOD ON HIM, I say,

and GOOD ON THE JURY for finding this non-citizen criminal guilty. Now, like I said, let's tap ALL the phone lines, and keep those "tipsters" in there....
Please? Someone??



posted on May, 12 2011 @ 09:53 AM
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Let's do it on the politicians!



posted on May, 12 2011 @ 10:02 AM
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Oh wow you mean if you prosecute someone on Wall Street you can get a conviction? I though financial crimes were to hard to prosecute, hence why not a single prosecution of anyone in the TBTF set. It's great this guy was convicted but please wake me when we have a real prosecution against someone at Goldman, Citi, AIG, Lehman, or any of the other failed/bailed institutions.



posted on May, 12 2011 @ 10:30 AM
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He might go down, but there are Thousands more like him and thousands more wanting to take his place. I hope he gets the max sentence, but i doubt he will even spend a year or two in jail.



posted on May, 12 2011 @ 10:32 AM
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Ya this is what we need. More wire taps. How about you stop investing.

Mybe investing is the problem?



posted on May, 12 2011 @ 10:51 AM
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Whaaat.



posted on May, 12 2011 @ 11:17 AM
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reply to post by wildtimes
 


The fbi just needed a patsy to please the crowd.
In my opinion these folks just need a short rope and tall tree.



posted on May, 12 2011 @ 12:54 PM
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reply to post by onequestion
 


I'm not an investor. I'm a regular Jane Doe trying to make my way.
???

And YES, we need more WIRE TAPS on Racketeering degenerate immoral criminals! And their minions! Yes, we do!! We need honest law enforcement at any level to take down the mafia called Wall Street!!!

IMO it should be part of the "contract" to be a Wall Street Trader! If you want to be a trader/banker/hedgefunder/CRIMINAL, the FBI will be tapping your phones.

Does no one think that might stop -- at least SLOW DOWN -- the rampant crime being perpetuated on Americans who are living on crumbs thrown from their tables?
FCOL (for crying out loud)


EDIT: Because ..... I had something else to say!
edit on 12-5-2011 by wildtimes because: (no reason given)

edit on 12-5-2011 by wildtimes because: (no reason given)



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