• 10 Feb 2014 at 2:01 PM

Rengan Rajaratnam: I’m telling mom!

Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, urged a U.S. judge on Friday to dismiss insider trading charges leveled against him last year. In a motion filed in U.S. District Court in New York, his lawyers argued the government had taken positions in the indictment that contradicted positions prosecutors took in trying his older brother for insider trading. “Principles of fairness dictate that Rengan, at a minimum, should be tried under the same standard as Raj,” the defense lawyers wrote in the motion. [Reuters]

  • 26 Nov 2013 at 2:42 PM

Guy Related To Famous Guy Leaving NYSE

The New York Stock Exchange is losing another top executive: Larry Leibowitz, the guy known around Wall Street as the chief operating officer of stock exchange parent NYSE Euronext, and just about everywhere else as the brother of “Daily Show” host Jon Stewart. NYSE Euronext was bought this month by an upstart rival from Atlanta, IntercontinentalExchange Group Inc., and Leibowitz will leave the combined company at the end of the year, an NYSE spokesman confirmed on Tuesday. Patrick Healy, CEO of the Issuer Advisory Group, is a fan. He called Leibowitz “the adult in the room” who “did right” by the issuing companies, and he bemoaned the “significant long-term consequences” of Leibowitz’s departure. [MarketWatch]

According to Bloomberg, “dozens brokers from John Thomas Financial have found new employers in New York’s financial district,” following the closing of their homeland, the boiler room founded by Anastasios “Tommy” Belesis, accused of fraud (and threatening to hit someone with this car) this past spring. While other shops receiving the former JTF employees’ resumes discarded them with prejudice, figuring anyone working for a guy threatening to run people over in the street probably issued similar threats of their own, Mark Goldwasser, CEO of National Securities, knew to do so would make George Washington cry and Thomas Jefferson roll over in his grave, telling reporter Zeke Faux, “it’s not true, not fair, and un-American” to assume they engaged in wrongdoing.” Although there’ll presumably be an adjustment period as everyone gets comfortable in their new home, the JTF’ers can take heart knowing Goldwasser holds cold-calling in an even higher regard than their old boss. Read more »

A world away from Wall Street and the tech money culture of Silicon Valley, the Einhorn family started a venture capital firm here [in Milwaukee], which raised a $40 million fund last year. David Einhorn is the largest investor in the fund, run by his brother, Daniel, and their father, Stephen. The firm, Capital Midwest Fund, also led by another partner, Alvin Vitangcol, aims to tap the Midwestern work ethic and has ambitions of changing the way early stage investments are run. “This isn’t Silicon Valley, where you’re almost encouraged to fail a couple times, and your next opportunity is in walking distance,” said Daniel Einhorn, who is 40… if a company financed by the new fund doesn’t provide the investors an exit within five years — through an acquisition — then Capital Midwest requires the company to buy back its shares. Daniel Einhorn doesn’t hesitate to put executives on the spot. Last month, surrounded by Brewers memorabilia in his office, he questioned the chief executive of one of his portfolio companies. It was a start-up based in Ann Arbor, Mich., called CytoPherx, and the firm was discussing clinical trials of a medical device that were not going smoothly. At one point, with the receiver on mute, Mr. Einhorn said the chief executive was making a “poor me” excuse. [Dealbook]

He requested their help last week and even included some links on the proper formatting to use when drafting missives in an attempt to convince a judge to be lenient in sentencing.

From: Rengan Rajaratnam
Sent: Tuesday, May 18, 2011

Dear Friends,

I want to thank you for your support. Your calls, emails, texts, and inquiries are constant reminders that through this dark, tragic time, Raj and the family are not alone.

As we prepare for the appeals process, we need your help and I am I only sending this letter to a handful of people. The sentencing phase is coming up relatively quickly and the federal guidelines are calling for 15 to 19 years in jail. The guidelines are harder and less flexible than many prison sentences for violent and predatory offenders. This is simply unfair, and we are praying for leniency from the judge while we prepare for the appeal.

In the meantime, on behalf of Raj and the family, I would like to enlist your support one last time. Positive character letters from family, friends, and colleagues that know Raj well can play a pivotal role in helping persuade the Hon. Judge Holwell to be fair, and lenient during Raj’s sentencing.

Read more »

  • 09 May 2011 at 1:17 PM

Raj Rajaratnam Jury Still Listening To Wiretaps

We’re into Week 3 of deliberations on the insider trading case, with jurors asking to play conversations between Raj and his former friends/sources of what may or may not have been material non-public information, in addition to a phone call between Raj and his little brother, who could not match big bro’s skills in (ALLEGED) insider trading and lady slaying, though he tried his hardest. [Reuters, WSJ]

  • 25 Apr 2011 at 2:22 PM

Paul Krugman Is Eagerly Awaiting Your Friend Request

The latest issue of New York contains a lengthy profile of Paul Kruman entitled “What’s Left of the Left: Paul Krugman’s Lonely crusade.” Writer Benjamin Wallace-Wells examines the Nobel Prize-winning economist’s position as “the leading exponent of a kind of liberal purism” (played out in his column for the Times and his blog, The Conscience of a Liberal); few peers or policymakers wholly agree with Krugman’s stance, making him a very “lonely” man (save for his commenters). And it’s not just in his professional life that Krugs lacks pals, Wallace-Wells tells us, but, heartbreakingly, in his personal life as well. Read more »

Shortly after Raj Rajaratnam was arrested on Oct. 16, 2009, his brother Rengan went into the Galleon Group LLC’s co-founder’s office and removed his sibling’s private notebooks, former Galleon trader Adam Smith told prosecutors, according to a court filing made yesterday. Raj Rajaratnam’s lawyers yesterday filed a legal request asking a judge to bar Smith from testifying about Rengan Rajaratnam’s actions on Oct. 16. Prosecutors wanted to offer the account from Smith, who may testify for the government this week, “to prove the existence of the charged conspiracy and Rengan’s membership in it,” they wrote in court papers. [Bloomberg, earlier]