Billionaire arrested

Raj Rajaratnam, billionaire founder of the Galleon Group, was among six hedge fund managers and corporate executives arrested on Friday October 16th. He was apart of a inside trading case that authorities say generated more than $25 million in illegal profits.

Raj Rajaratnam was accused of conspiring with other traders to use insider information to tradesecurities in several publicly traded companies one of which was Google Inc.

The U.S. Magistrate Judge, Douglas F. Eaton, set Rajaratnam’s bail $100 million and to secure$20 million in collateral despite a request by prosecutors to deny bail. Rajaratnam was also to stay within 110 miles of New York City.

To read more about this case go to Yahoo.com