It was the beginning of an insider trading ring that would last 17 years.
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In practice, for an insider trading ring to be effective, there need to be insiders who have access to confidential information.
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At the center of the Galleon insider trading ring are Raj Rajaratnam, Galleon founder, and Danielle Chiesi of New Castle Partners.
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Rajaratnam led what has been described as the largest insider trading ring ever, building a network of high-ranking experts in key technology and consulting firms.
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Charged with insider trading in the fall of 2009, Rajaratnam appears to have been the mastermind in what is being called the largest-ever insider trading ring.
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The positive trading update had a familiar ring to it, since other supermarket groups in Britain have also surprised the market with strong sales over the holiday season: J Sainsbury's like-for-like sales rose by 3.7% in the 13 weeks to Jan. 2, while retail bellwether John Lewis said its sales rose 12.7% in the five weeks to Jan. 2.
According to the ETF Finder at ETF Channel, NEM makes up 8.98% of the iShares MSCI Global Gold Miners Fund ETF (RING)which is trading lower by about 0.8% on the day Thursday.
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According to the ETF Finder at ETF Channel, NEM makes up 9.76% of the iShares MSCI Global Gold Miners Fund ETF ( AMEX: RING )which is trading relatively unchanged on the day Thursday.
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Prop traders, even if they are "ring fenced" from other trading desks, still have access to information the bank has on customer positions, if only by virtue of breathing the same air as their client-facing colleagues.
Zvi Goffer, the founder of that firm, who formerly worked at Galleon and Schottenfeld Group, allegedly organized a ring involving fellow Galleon and Schottenfeld trading colleagues and arranged to get tips on technology company deals through a lawyer from a major New York law firm.
"After Enron, late trading, subprime and Pequot, SEC promises to do better ring hollow, " Aguirre says.
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