Hedge fund billionaire charged with insider trading

By the standards of Bernie Madoff's $60 billion swindle, the latest shenanigans from Wall Street are relatively small potatoes. But a hedge fund manager who Forbes ranked as the 236th richest person in America, worth $1.5 billion, just got charged with insider trading to the tune of $20 million. According to DealBreaker, an employee who had been fired may have turned him in.

Raj Rajaratnam, the founder of Galleon Group, was charged with four counts of conspiracy and nine counts of securities fraud. And DealBook reports that the head of the $7 billion hedge fund was not alone in plotting his $20 million in ill-gotten gains.