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Alternative Market Briefing

Galleon Group insider trading probe grows, investigators eye Goldman managing director

Friday, April 27, 2012

Bailey McCann, Opalesque New York: US prosecutors and regulators are deepening their investigation into whether employees at Goldman Sachs Group Inc. were involved with the high profile Galleon Group insider trading ring. Matthew Korenberg, is a San Francisco-based managing director for Goldman, and his lawyer confirmed today that he is the subject of a long running investigation into insider trading at the Galleon Group.

According to a report in The Financial Times investigators are looking into whether Korenberg shared information about takeovers with Paul Yook, a former Galleon portfolio manager. The information came to light during a pre-trial hearing for Rajat Gupta, a former Goldman Sachs board member accused of passing inside information about the bank and Procter & Gamble to Mr Rajaratnam - the founder of Galleon Group.

Mr. Korenberg's attorney said that there is no connection between his client and the Galleon case. He also noted that the investigation had been going on for two years and was unlikely to turn up any wrongdoing. Korenberg has yet to have any formal charges brought against him.

Goldman said in a statement, "We have been aware of these alle......................

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