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Seven men have been charged for forming a “criminal club” of co-workers and friends to reap $62 million from the insider trading of Dell Inc shares.
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But in 2008, while working at a mutual fund company, Goyal received illegal tip-offs concerning Dell’s financial results, according to allegations made by Federal US authorities.
Goyal used the information like currency, sharing it with his “criminal club” of friends and co-workers. The leaks stemmed from Dell’s headquarters in Texas and bounced around the country, ultimately reaching a fund manager at a small Californian trust company and three hedge fund companies in New York and Connecticut.
Federal prosecutors charged Goyal and his six other “circle of friends” on Wednesday, after earning $62 million in illegal gains in Dell Inc stock.
Hedge fund Level Global Investors made $53 million of those profits alone, according to the NYT.
The government’s complaint did not name the Dell executive. A Dell spokesperson said if the accusations were true, their actions were in clear violation of the company’s policies.
