• 14 Jan 2009 at 9:20 AM

Crab-Hands Official Sued For Insider Trading

By Bess Levin

Picture 577.pngDow Jones reports the SEC has sued Ramesh Chakrapani, a managing director at Blackstone, for insider trading involving Albertsons, a chain of supermarkets, scoring over $3.6 million in not necessarily legal gains.

A group including of Supervalu (SVU.N), CVS (CVS.N) and private equity firm Cerberus bought Albertsons in 2006. The SEC alleges that Chakrapani was part of the Blackstone team that advised Albertson’s on the deal.
“We are shocked by this alleged breach of the law and violation of our own compliance policies and ethical standards,” said Blackstone spokesman Peter Rose. He said the company was fully cooperating with authorities.

Blackstone exec sued by SEC for insider trading [Reuters]

Comments (16)

  1. 1
    Posted by guest | January 14, 2009 at 9:24 AM

    The SEC has finally acquired some nuts and is targeting the thieves that are ruining our business

  2. 2
    Posted by guest | January 14, 2009 at 9:29 AM

    “We are shocked by this breach of our own compliance policies and ethical standards which require the use of untraceable off-shore accounts for illegal insider trades.”

  3. 3
    Posted by guest | January 14, 2009 at 9:32 AM

    Wait. You’re not serious. You guys thought they made money by investing? That’s really funny!

  4. 4
    Posted by guest | January 14, 2009 at 9:33 AM

    baloney and cheese for lunch going forward, possibly brown bagging it Steve?
    Maybe Steve should have brown bags for hands….stone crabs are so 2007, brow bagging it is the new fad…

  5. 5
    Posted by guest | January 14, 2009 at 9:35 AM

    can someone explain the whole crab-hands joke? i’ve been working for the past 12 mo, and haven’t had time to spend on DB

  6. 6
    Posted by AJ | January 14, 2009 at 9:39 AM

    mmm crabhands
    also, I’m glad someone finally got caught for insider trading involving more than like $50k

  7. 7
    Posted by Lowly Assistant | January 14, 2009 at 9:42 AM

    5,
    Steve runs with ladies of the night.

  8. 8
    Posted by guest | January 14, 2009 at 9:54 AM

    How come “Ramesh Chakrapani, a managing director at Blackstone” is no longer listed on Blackstone’s Team page? WTF happened? Did they fire his ass already? So soon?
    http://www.blackstone.com/team/default.asp
    The Guy from Delaware

  9. 9
    Posted by guest | January 14, 2009 at 10:14 AM

    @5 – http://dealbreaker.com/2007/06/stephen-schwarzman-56.php

  10. 10
    Posted by guest | January 14, 2009 at 10:27 AM

    He may be off the BX website, but Google hasn’t cleared the cache yet…
    http://74.125.47.132/search?rlz=1C1GGLS_en-USUS291US305&sourceid=chrome&ie=UTF-8&q=cache:www.blackstone.com/team/pdfs%255CChakrapani_Ramesh.pdf

  11. 11
    Posted by guest | January 14, 2009 at 10:27 AM

    TGFD– it was announced on 1/9/09, 8:30 EST. Weren’t you paying attention?
    *U.S. DECEMBER PAYROLLS DROP 524,000; JOBLESS RATE AT 7.2%

  12. 12
    Posted by guest | January 14, 2009 at 10:43 AM

    Same name as this guy!! Don’t know how I remembered that – HA
    http://www.youtube.com/watch?v=uJyQcDUIDYo

  13. 13
    Posted by guest | January 14, 2009 at 10:44 AM

    @10 the guy’s track record includes transactions involving AIG and Enron and now this. It seems everything he touches turns to shit

  14. 14
    Posted by guest | January 14, 2009 at 10:45 AM

    @#11…
    TGFD saw the Payrolls & Jobless data last Friday morning, but I must have missed the part about Ramesh. Thank you for letting me know.
    Was Ramesh already fired by 01/09?
    The Guy from Delaware

  15. 15
    Posted by guest | January 14, 2009 at 10:49 AM

    @13 – that’s called having the SADIM touch.

  16. 16
    Posted by guest | January 14, 2009 at 11:17 AM

    @TFGD. Sorry, my sarcasism has not translated well into the english from hindi. i don’t know if he was fired by 1/9 but the allegory there was he was just a statistic to stone crab steve austin. he appears to still be registered with the relevant financial authorities for the company, if that’s any help.

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