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: Legal Pad | LA

Spherix partners pay and cooperate in Galleon investigation

By Richard Binder

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Ali T. Far and Richard Choo-Beng Lee, partners at San Jose, California-based Spherix, have pleaded guilty to criminal charges in a wide-ranging insider-trading investigation of hedge funds and are aiding federal prosecutors a U.S. probe of Galleon Group LLC.

The two men agreed to a settlement of $2.1 million to settle a lawsuit brought by the SEC, an amount that represents, according to an attorney for the Commission, "the total trading profits and losses avoided as a result of the securities law violations."

U.S. prosecutors have accused 21 people including Galleon Group founder Raj Rajaratnam of insider trading that allegedly generated about $53 million in illegal profits.

Full story at Bloomberg.com.

Full post as published by Legal Pad | LA on January 26, 2010 (boomark / email).

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