A former Akamai Technologies Inc official agreed to pay over $145,000, and be banned from serving as a public company officer or director, to settle civil charges he provided illegal tips that were funneled to Raj Rajaratnam, the hedge fund manager imprisoned for insider trading. The U.S. Securities and Exchange Commission said Kieran Taylor, a former Akamai senior director of marketing, illegally tipped lifelong family friend Danielle Chiesi, a hedge fund manager at New Castle Funds, about the Internet content delivery company's plan in July 2008 to lower its revenue forecast..."Taylor's willing misuse of information about Akamai's financial situation otherwise unknown to the rest of the investing public made him just another cog in the sprawling Rajaratnam insider trading machine," said Sanjay Wadhwa, senior associate director for enforcement in the SEC's New York office. [Reuters]
Informant's Assistance On Insider Trading Case Slightly Undone By Telling "Series" Of Lies To Government
On the one hand, Roomey Khan's assistance as a cooperating witness was "extremely substantial." On the other, she seems to have told between 1 and 100 lies to government officials.