SEC charges exec in Galleon insider-trading case

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SEC charges exec in Galleon insider-trading case
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - The Securities and Exchange Commission on Friday charged a former senior executive at a Silicon Valley technology company for allegedly illegally tipping convicted hedge fund manager Raj Rajaratnam with nonpublic information. The SEC said that the executive, Kris Chellam, tipped Rajaratnam in December 2006 with confidential details from internal company reports indicating that Xilinx Inc. would fall short of revenue projections it had previously made publicly. The tip allowed Galleon hedge funds, which Rajaratnam founded, to make nearly $1 million in profits, the SEC said.