New York: Seven traders and lawyers have pleaded not guilty in the USD 52 million insider trading scam, one of the largest in American history, in which Sri Lankan billionaire Raj Rajaratnam is alleged to be the ringleader.
The seven, including former stock trader Zvi Goffer described as "Octopussy" by regulators, pleaded not guilty yesterday in front of Judge Richard Sullivan in a Manhattan
Federal Court.
They stand accused of securities fraud.
Multi-billionaire and Galleon Group founder, Rajaratnam, 52, was charged in the case in October. He received 13 charges, four counts of conspiracy and eight counts of security fraud.
Galleon Group is a hedge fund with up to USD 7 billion in assets under management.
Out of illegal profits, Rajaratnam alone made USD 36 million from inside information, which is double the amount originally calculated.
PTI
