Getting your player ready...
NEW YORK — A wealthy hedge-fund manager got “red hot” information about a pending technology-industry merger in 2006 and warned another wayward manager not to reveal inside securities secrets with her “little boyfriends,” according to testimony and wiretaps presented Monday at an insider-trading trial.
Former financial consultant Anil Kumar testified that he and the defendant, Raj Raj aratnam, broke the law by speaking regularly about the negotiations over the acquisition of ATI Technologies by Kumar’s client, Advanced Micro Devices, before the deal was made public.
“I told him that this was ‘red hot’ and shouldn’t be discussed,” Kumar said.
Prosecutors say Rajaratnam raked in $20 million by trading on his advance notice of the ATI-AMD deal.
