Fund manager Raj Rajaratnam made $1 million in two minutes of frantic calls after receiving an inside tip about a big investment in Goldman Sachs Group Inc at the height of the financial crisis, prosecutors said at the Galleon founder's insider trading trial.
In the biggest Wall Street insider trading case since the 1980s, U.S. prosecutors have persistently pressed phone tap evidence that Rajaratnam had a direct line to his friend and then Goldman Sachs director, Rajat Gupta, who leaked bank secrets to him. The trial is in its fourth week and could last until the end of April.
On Wednesday, the Manhattan federal court jury heard another FBI phone tap to support government allegations Rajaratnam knew a day before it was announced in September 2008 that Goldman would receive a $5 billion investment from Warren Buffett's Berkshire Hathaway Inc.
In the phone tap of a call on September 24, 2008, between Rajaratnam and his personal Galleon trader, Ian Horowitz, he is heard describing his efforts the previous day to buy shares two minutes before the 4 p.m. stock market close.
"I got a call at 3:58, right?"
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