Galleon Shuttered On Insider Trading Charges
Today we learned that Galleon Group will wind down all of its hedge funds, after founder Raj Rajaratnam was arrested Friday in a massive insider trading case.
In a letter to clients today, Rajaratnam said he has decided that it is now in the best interest of investors and employees to conduct an orderly wind down of Galleon's funds while we explore various alternatives for our business.
Rajaratnam also claimed again that he is innocent of all charges and "will defend myself against these accusations with the same intensity and focus I have brought to managing our investors' capital."
Some of Galleon's largest holdings at the quarter ended June 30, 2009 were as follows:
- eBay (Nasdaq: EBAY) 4,740,000 shares
- Apple (Nasdaq: AAPL) 416,491 shares
- Google (Nasdaq: GOOG) 140,800 shares
- OSI Pharma (Nasdaq: OSIP) 1,647,633 shares
- Bank of America (NYSE: BAC) 2,483,500 shares
- JP Morgan Chase (NYSE: JPM) 909,845 shares
- Cisco (Nasdaq: CSCO) 1,608,307 shares
- Dell (Nasdaq: DELL) 2,082,373 shares
- EMC (NYSE: EMC) 1,649,404 shares
- Congnizant Tech (Nasdaq: CTSH) 694,800 shares
- Verisign (Nasdaq: VRSN) 1,090,978 shares
- NVIDIA (Nasdaq: NVDA) 1,915,195 shares
- Pepsi Bottling (NYSE: PBG) 622,500 shares
- Intel (Nasdaq: INTC) 1,144,500 shares
- Teradyne (NYSE: TER) 2,244,512 shares
- Ford (NYSE: F) 2,960,041 shares.
These position will now likely all be sold if they haven't been already.
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