E-Mails Reveals Raj Rajaratnam And Goldman’s Close Relationship & More Hedge Fund News 6/22/2012

by Staff Writer on June 22, 2012

Raj RajaratnamNew E-mails May Reveal That The Relationship Between Raj Rajaratnam And Goldman Was Closer Than Anyone Ever Imagined [BusinessInsider] Evidence that came to light during the Rajat Gupta trial may spell trouble for other Goldman Sachs employees that did business with convicted insider trader, Raj Rajaratnam.
New wiretaps and e-mails indicate that Goldman sent the convicted former hedge funder frequent e-mails full of juicy information before Galleon’s morning meetings, Reed Albergotti at The Wall Street Journal reports.

Peltz Turned Down Seat at Ingersoll-Rand [DealBook] Updated with filing Nelson Peltz‘s Trian Group disclosed on Wednesday that it turned down a board seat at Ingersoll-Rand, after the company sought to impose further restrictions on the hedge fund. The move frees Trian to publicly agitate for change at Ingersoll, the industrial conglomerate that makes products as diverse as Kryptonite locks and Club Car golf carts. Last month, the hedge fund disclosed a 7.05 percent stake in the company.

A Hedge Fund That Made Crazy Money Off The London Whale Is Helping JP Morgan Unwind The Trade [BusinessInsider] How do you undo $2 billion worth of damage? With help, apparently. That’s what JP Morgan is getting from hedge fund BlueMountain — a hedge fund that initially pro fitted from being on the other side of the disastrous trades made in the bank’s London Chief Investment Office, Bloomberg reports.

California Fund Manager Found Guilty of Fraud [eVestmentHFN] A former hedge fund manager was convicted by a California federal jury Wednesday for allegedly swindling investors out of millions of dollars. The Oakland Tribune reported that Albert Ke-Jung Hu was found guilty of seven counts of wire fraud for carrying out a scam over a seven-year period, where he convinced clients that his hedge funds, Asenqua Beta Fund and Fireside LS Fund, had returns of 20% to 30%, and were associated with respectable lawyers, auditors and others.

There’s Actually A Hedge Fund That’s Bullish On Greece [BusinessInsider] Think about the last time you heard something positive about Greece. Really: Think about it. You got nothing, right? There’s one hedge fund out there that doesn’t care about any of that. George Elliott, the founder of Naftalia Asset Management, is starting the Greek Opportunity Fund, which will only invest in Greek equities, Bloomberg reports.

The SEC Hauls SAC’s Steve Cohen In For Testimony In Insider Trading Case! [BusinessInsider] Steve Cohen of SAC Capital was recently deposed by the SEC, Bloomberg Businessweek reports citing sources familiar with the matter. Cohen is one of the most successful traders in history, and the SEC has been looking into the conduct of him and his firm for years.

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