NEW YORK | US authorities’ investigation into insider trading at hedge funds is expanding quickly.
The last case: a Goldman Sachs IT analyst may have leaked insider information to hedge funds. According to the Wall Street Journal, Henry King, senior technology analyst at the bank in Hong Kong and one of the big fish of his field, well-known for his apologetic forecasts about IT firms, allegedly advised Goldman Sachs clients on shares in IT firms including Apple, HP and Lenovo. He is reported to have given details on the companies’ component supply chains and manufacturing activities in Asia as a measurement of demand levels in the US.
Apparently, Mr. King recently took a leave of absence from Goldman.
This particular investigation is connected to a much bigger one called “Perfect Hedge,” that began five years ago and has resulted in insider-trading and securities fraud charges being filed against 64 people.
More than 50 since 2009 either pleading guilty or being convicted at trial. They included Galleon Group co-founder Raj Rajaratnam, who is serving an 11-year prison term. His friend and former Goldman Sachs director Rajat Gupta, who was accused in October of passing inside information to him. His trial begins in April.
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