2 Ex-Galleon Traders Plead Guilty As Trial Nears

Law360, New York (January 26, 2011, 6:16 PM EST) -- Two former Galleon Group LLC employees pled guilty Wednesday to insider trading, increasing the pressure on the hedge fund's founder Raj Rajaratnam as a trial nears over the alleged widespread trading ring.

Former portfolio managers Adam Smith, 38, and Michael Cardillo, 33, entered guilty pleas to securities fraud and conspiracy charges before separate judges in the U.S. District Court for the Southern District of New York.

Each faces a maximum sentence of 25 years in prison plus fines of as much as $5.2 million in addition...
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