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Galleon ‘Not Good News’ for Hedge Funds, Coleman Says

Bloomberg – The Galleon Group insider-trading investigation may sap investor confidence in the hedge-fund industry, already under scrutiny after Bernard Madoff’s Ponzi scheme, said Michael Coleman, chairman of the Singapore chapter of the Alternative Investment Management Association.

“It’s obviously not good news for the hedge-fund industry from the top level, but it seems to be a very specific case,” Coleman said in an interview on Bloomberg Television today.

Galleon founder Raj Rajaratnam was arrested in New York on Oct. 16 for alleged insider trading, charges which he denies. The U.S. government is reviewing regulation of the financial industry, including a plan that would create an agency for monitoring consumer financial products and bring hedge and private-equity funds under federal scrutiny.

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