Prosecutor: NYC hedge fund relied on inside tips

The high-flying hedge fund manager made $1 million with a massive trade that took all of seven minutes. The prosecutors allege he had to cheat to do it.The transaction was a glaring example of how Rajaratnam "exploited a corrupt group of people to get access to secret corporate information and then traded on it," Assistant U.S. Attorney Jonathan Streeter said in opening statements Wednesday at the only trial to result from what the government calls the biggest hedge fund insider-trading probe

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