Blackstone Partner Hit With Insider Trading Suit

Law360, New York (January 14, 2009, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has reportedly accused a managing partner at private-equity firm Blackstone Group of being involved in an insider trading scheme that netted more than $3.6 million.

In a lawsuit filed Tuesday in the U.S. District Court for the Southern District of New York, Blackstone managing partner Ramesh Chakrapani was accused of passing along material, nonpublic information about the 2006 acquisition of the grocery chain Albertsons, according to Reuters.

Chakrapani has reportedly been suspended from the firm.

“We are shocked by this...
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