Calif. Hedge Fund Bigwigs Reach Deal In Galleon Case

Law360, New York (January 25, 2010, 6:33 PM EST) -- Two California hedge fund bigwigs have reached a $2.1 million settlement with the U.S. Securities and Exchange Commission as part of federal authorities' sprawling investigation into insider trading at hedge fund group Galleon Corp., the SEC revealed in a court filing Monday.

Under the settlement, Ali Far and Richard Choo-Beng Lee, the founder and former president, respectively, of California hedge fund Spherix Capital LLC, will jointly pay the $2.1 million total penalty.

In a Jan. 20 letter to Judge Jed S. Rakoff of the U.S. District...
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