Galleon clients seek to withdraw funds after founder's arrest

10/20/2009 | Wall Street Journal, The

After the Friday arrest of Raj Rajaratnam, hedge fund Galleon Group's co-founder, investors in the fund are trying to pull out about $1.3 billion of the $3.7 billion in assets that the fund manages, traders said Monday. Bank of America and Barclays have told Galleon that they will no longer trade with it. Rajaratnam and three other managers not at Galleon have been charged with securities fraud by federal prosecutors, and two others have been charged with conspiracy; insider-trading charges have been brought against all six by the Securities and Exchange Commission.

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