Ex- Galleon employee admits giving tips to Rajaratnam

Wednesday, 30 March 2011, 17:36 IST
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New York: A former trusted colleague of Raj Rajaratnam told the jury that he dug up insider information to give "an edge" to his boss, the Galleon Group founder, who is the main accused in the largest insider trading case to hit the U.S in decades. Adam Smith, the first Galleon employee to testify, said that he obtained confidential information like companies' quarterly earning, which was like "cheating on a test" because it gave an unfair advantage in decisions related to buying and selling stock. Smith, who is the U.S government's third key witness in the case, had pleaded guilty in January. The 39-year-old, a Harvard Business School graduate, said that he received insider tips about the acquisition of ATI Technologies Inc, a graphic design company, by Advanced Micro Devices Inc, a microchip-processing company from Kamal Ahmed, a former Morgan Stanley investment banker.
Source: PTI
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