$93M Civil Penalty In Insider Trading Suit Against Former Galleon Partner Upheld

Mealey's (March 6, 2019, 4:45 PM EST) -- NEW YORK — A Second Circuit U.S. Court of Appeals panel on March 5 ruled that a federal district court did not err in interpreting federal securities law when it ordered a former Galleon Management Co. general partner to pay a nearly $93 million civil penalty for his role in an insider trading scheme (Securities and Exchange Commission v. Raj Rajaratnam, No. 11-5124, 2nd Cir., 2019 U.S. App. LEXIS 6640)....