Danielle Chiesi on trial for insider trading
Danielle Chiesi, an employee of Galleon hedge fund, has been put on trial for doing insider trading in the stock market. both former IBM executive Bob Moffat and Danielle Chiesi have been arrested for securities fraud and conspiracy. Danielle Chiesi was employed by Raj Rajaratnam who was the founder of the fund.
Danielle Chiesi used to maintain a ‘table’ of sources at the different companies as she used to target for getting insider information. Wearing short and low-cut shirts, she used to visit the older executives at those companies and convey to them that she used to love the three S’s like sex, sports and stocks. Danielle Chiesi is a former beauty queen and was well known in the circle as a very powerful seductress.
She used to sleep with many top executives and gather insider information from them to be used in hedge fund trading. Well, sleeping with mutual consent is not illegal, but using the secret information definitely is. She used to gather information on IT stocks and they were used in insider trading in a massive way.
At the stock market, everyone is allowed to trade with the same level of information and it becomes illegal if people get secret extra information leaked out from the companies and conduct the trade based on such information. People like Danielle Chiesi are accused of cheating the system.
This story of Danielle Chiesi is very much thrilling as it has opened up a Pandora’s Box in the new financial system. It has brought into the open that even the most polished and quiet of the IT executives can leak out the information which they are not supposed to just for sleeping with a woman on the bed.
Meanwhile, former IBM executive mr. Moffat has pleaded guilty in the trial and said that his relationship with Danielle Chiesi was more of business than personal. But mr. Moffat is scheduled to be sentenced to Manhattan Federal Court where it is considered to be the biggest probe of insider trading in hedge funds in the history of United States. Danielle Chiesi may be remembered in history, but as a bad precedence.
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