Founder Of Galleon Funds, Raj Rajaratnam, Issues Letter To Clients And Employees (IBM, JAVA, GOOG, AMD)

In an effort to maintain his innocence and minimize redemptions, arrested founder of Galleon Funds, Raj Rajaratnam sends out a letter to their investors and employees. In his letter, he states that all the charges against him are baseless and he will continue to defend himself and the firm. He also reassures his clients and employees that their commitment to them is unwavering in its efforts to provide effective service with integrity.

Rajaratnam has been accused of insider trading after he allegedly received privileged information from IBM (NYSE: IBM) Senior Vice President Robert Moffat on a possible merger with Sun Microsystems (NASDAQ: JAVA). In addition to this, he is thought to have secured insider information about other companies including Google (NASDAQ: GOOG), AMD (NYSE: AMD), and Hilton Hotels.

His letter to his clients and employees:

"Dear Galleon Employees, Clients and Friends:

During this challenging time, I wanted to take a moment to address you directly. As I am sure you understand, I am not able to respond in detail to the charges recently brought against me. But let me be clear: they are, without exception, entirely baseless. I am innocent and will vigorously defend myself and our firm.

As I move forward on my defense, I want to assure you that our commitment to our investors and employees will remain unwavering. I will continue to be here working for Galleon, and the firm will continue to serve its clients with effectiveness and integrity. Thank you for your ongoing support.

Sincerely,
Raj"

- Hat Tip Business Insider

http://www.businessinsider.com/raj-rajaratnams-letter-to-clients-and-emp...