Inside Trader Ring|Keeps Giving, to the SEC

MANHATTAN (CN) – The SEC on Thursday charged yet another man with being a tipper in Raj Rajaratnam’s giant inside-trading scheme at Rajaratnam’s Galleon Group.
     The SEC claims Sam Miri, while a PR worker at Marvell Technology Group, tipped Galleon portfolio manager Ali Far with inside information about Marvell securities, which Far used to his profit after leaving Galleon.
     Far founded Spherix Capital after leaving Rajaratnam’s group.
     Spherix was one of many defendants in an SEC complaint against Rajaratnam and Galleon in 2009.
     Miri is the only defendant in the SEC’s new federal lawsuit.
     The agency claims that Far and Spherix made $680,000 in illicit profits from the inside information, for which they paid Miri about $10,000.

%d bloggers like this: