Economy

Demeter

(85,373 posts)

13. Rajaratnam friend agrees to settle SEC insider trading case

Sat Oct 27, 2012, 03:35 AM

Oct 2012

http://news.yahoo.com/rajaratnam-friend-agrees-settle-sec-insider-trading-case-182554802--finance.html

A former chief financial officer at Xilinx Inc on Friday became the latest executive to settle civil charges of being part of now-imprisoned hedge fund tycoon Raj Rajaratnam's insider trading network.

The technology executive, Kris Chellam of Saratoga, California, was charged by the U.S. Securities and Exchange Commission of giving Rajaratnam confidential information on Xilinx in December 2006.

The tip helped the Galleon Group founder, who was Chellam's close friend, make nearly $1 million in illicit profits, the SEC said in its lawsuit.

Chellam has not been criminally charged. He agreed to pay $1.75 million to settle the case, the SEC said. The agreement is subject to approval by U.S. District Judge Barbara Jones in New York...

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