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Archive for May 11th, 2011

Breaking News: Chief of Hedge Fund Guilty in Historical Insider Trading Case

By Allan Lengel
ticklethewire.com

Following an eight week trial, a Manhattan federal jury Wednesday morning convicted Raj Rajaratnam on 14 counts of conspiracy and securities fraud crimes stemming from his role in the largest hedge fund insider trading scheme in history, the U.S. Attorney’s Office announced.

Rajartnam, just another symbol of much what is wrong in the investment world, was managing member of GalleonManagement, LLC (“Galleon”), the General Partner of Galleon Management, L.P., and a portfolio manager for Galleon Technology Offshore, Ltd., and certain accounts of Galleon Diversified Fund, Ltd.Manhattan.

“Rajaratnam, once a high-flying billionaire and hedge fund manager, is now a convicted felon, 14 times over. Rajaratnam was among the best and the brightest – one of the most educated, successful and privileged professionals in the country,” U.S. Attorney Preet Bharara said in a statement.

“Yet like so many others recently, he let greed and corruption cause his undoing. The message today is clear — there are rules and there are laws, and they apply to everyone, no matter who you are or how much money you have.

“Unlawful insider trading should be offensive to everyone who believes in, and relies on, the market. It cheats the ordinary investor, victimizes the companies whose information is stolen, and is an affront not only to the fairness of the market, but the rule of law.

“In just over 18 months, this office has charged 47 individuals with insider trading crimes; Rajaratnam is the 35th person to be convicted. We will continue to pursue and prosecute those who believe they are both above the law and too smart to get caught.”

For more read NY Times story

Stripper Loving Jurist Free After 3 Weeks in Prison; Some Think He Got Off Way Too Easy

Judge Jack Camp/daily report

Judge Jack Camp/daily report

By Allan Lengel
For The Daily

A 67-year-old federal judge jailed after a crime spree involving drugs, guns and a prostitute was freed Monday after serving just three weeks.

Judge Jack T. Camp, Jr, a Ronald Reagan appointee, agreed to a plea deal, but many in the legal community believe Camp got off easy.  The fallen Georgia judge received 30 days, but he got credit for the initial time he spent in the county jail.

“Bringing a gun to a drug deal would have gotten anyone else a mandatory five years in prison,” said Atlanta defense attorney Marcia Shein.

The married father of two grown children went astray a year ago after receiving a lap dance from Sherry Ann Ramos, a stripper who worked at the Goldrush strip club in Atlanta.

To read the full story click here.

Yemen Native Who Tried Opening Cockpit Door Twice is Detained

By Allan Lengel
ticklethewire.com

A Yemen native who tried twice ramming open the cockpit door of American Airlines Flight 1561 bound for San Francisco Sunday night, and yelled “God is great” in Arabic, remained behind bars, the Associated Press reported.

A federal judge in San Francisco on Tuesday ordered Rageh Al-Murisi, 28, of California, detained. He had no luggage for the flight, carried valid and expired identification from California and New York, and had two checks totaling $13,000, AP reported. The plane was flying from Chicago.

Authorities said there was no immediate indication that he is linked to any terrorist group.

Authorities say he twice tried to open the cockpit door before being restrained by a crew member and several passengers including a retired Secret Service agent and a former cop, AP reported.  The flight landed safely in San Francisco.

Crew, Passengers Subdue Unruly Passenger, Rageh Almurisi, on Chicago-to-San Francisco Flight: MyFoxCHICAGO.com

DNA Sample That Could Have Solved Washington State Murder Languished in FBI Lab For 3 1/2 Years

Suspect Gary Krueger/kiro7

By Allan Lengel
ticklethewire.com

A DNA sample that could have solved a 2001  murder by a former Seattle cop languished at the FBI lab for 3 1/2 years, the station KIRO 7 news  in Seattle reported.

The story unfolds like this:

In 2001, realtor Mike Emert, 40, was murdered in the Seattle suburb of Woodinville while showing a home to a prospective buyer. The murder goes unsolved.

In 2002, the station reported, that former Seattle cop Gary Krueger, who authorities suspect was a professional hitman, was convicted in a series of armed bank robberies. He went off to federal prison and was released in 2007– but not before authorities sent a swab of his DNA to the FBI’s DNA lab in Quantico, Va.

In March of 2010, he drowned shortly being involved in a home invasion robbery, the station reported.

In July of that year, the FBI finally ran his DNA and submitted it to the National DNA Index System — 3 1/2 years after local authorities gave it to the lab.  The test pointed to Krueger in  the 2001 murder of a real estate agent Mike Emert.

The station reported that Krueger  was also a suspect in the 1981 slaying of former police officer and Everett gas station owner, Terry Dolan and in the 1984 stabbing of Bellevue attorney Jim Barry.

Mary Beth Emert, wife of the slain real estate agent, told the station she was angry about the delay.

“It makes my blood boil, absolutely makes my blood boil,” she said, adding that she feels she was denied justice because the DNA samples came after Krueger’s death.

“It’s kind of that final piece, putting it on the right place and knowing that after all this time this monster has been identified,” Emert told KIRO news. “Too bad that the system didn’t get him while they could- while he was alive.”

The FBI sent a response by email to the station, saying:

“In the interest of being fair and balanced… I’m hopeful that your special project story, on DNA testing, will mention that the FBI Laboratory successfully eliminated the federal offender backlog of over 300,000 samples in September of 2010.”

OTHER STORIES OF INTEREST

20-Year-Old Mexican Police Chief Seeks Asylum in U.S. Following Death Threats From Cartels