NEW YORK (AP) — A former hedge fund executive says his ex–boss gave him the green light to break the law by gathering secrets about the technology industry.
Adam Smith testified Tuesday that Raj Rajaratnam’s (rah–juh–RUHT’–nuhm) Galleon firm used the information to “get an edge” on massive trades.
Smith secretly pleaded guilty last year. He agreed to record phone calls in the far–reaching investigation of Wall Street misdeeds.
Rajaratnam was arrested in October 2009 and is on trial in New York.
The probe has resulted in more than two dozen arrests. Nineteen have pleaded guilty, and many are cooperating with prosecutors.