Galleon Trader Says He Gave Cash To Tipsters

Law360, New York (May 25, 2011, 6:35 PM EDT) -- A former Galleon Group LLC trader told a New York jury Wednesday that he gave another trader a box with $16,000 in cash to pay off tipsters, including two Ropes & Gray LLP attorneys, feeding them information on upcoming mergers.

Michael Cardillo, who is cooperating with the government while he awaits his own sentencing, said he loaned the money to Craig Drimal, another trader at Galleon who previously pled guilty, who then passed it off to tipsters about upcoming acquisitions including 3Com Corp. and Axcan Pharma...
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