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Bribe, Swindle or Steal

A Year in Prison for Insider Trading

Bribe, Swindle or Steal

Alexandra Addison-Wrage of TRACE International

Business, News, Business News

4.9582 Ratings

🗓️ 26 September 2018

⏱️ 26 minutes

🧾️ Download transcript

Summary

Roomy Khan, "Tipper A" in the Galleon Group insider trading case, discusses the many small decisions that lead to catastrophic consequences in the world of financial crime.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome back to the podcast, bribed, swindle, or steel. I'm Alexander Rogi, and my guest today is Rumi Khan, joining us from New Delhi.

0:16.4

Rumi was a talented trader with the Galleon Group owned by Raj Roger Adnam, but was ultimately

0:21.5

convicted of insider trading and wire fraud and spent a year in federal prison in Florida.

0:27.1

Rumi, thank you so much for your willingness to speak with me today.

0:30.8

Oh, you're welcome.

0:31.8

We've had Anita Raghavan on the podcast, and her book, The Billionaire's Apprentice,

0:36.9

discusses the story of Galleon in greater detail.

0:40.4

But perhaps you can describe the course of your career very generally

0:44.2

and the time leading up to the problems at Galleon.

0:47.2

I basically worked for Galleon for a little over a year.

0:52.5

And I joined them in 1998. And I was working at Intel at that time.

0:58.8

I had known Raj for two or three years prior to that. And over the course of my knowing off of

1:04.5

him, he started asking me about how the business was at Intel. You know, and I think as I look back now, I should

1:12.8

have been more cognizant of the fact that the information which I'm getting at Intel, it's really

1:18.8

for Intel use and not for the outside world to use. And I think at that time, I didn't stop and

1:25.5

think of the ramifications of sharing this information.

1:30.0

And I think it had two reasons.

1:31.9

First was that I was looking at my end goal, which is to get the job with him.

1:37.9

And then the second thing was I really didn't have a very aggressive training on this issue.

1:43.9

I think a lot of corporations, they do

1:46.1

a lot of training for the senior executives and the finance people, but I think the rest of the

1:51.4

company is kind of not really trained or prized off the issues with securities law and what

...

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