Billionaire arrested in insider trading case

One of America's wealthiest men was arrested on the day he was due to fly to London over a £15.6m (€17.11m) insider trading case.

Raj Rajaratnam (aged 52) a portfolio manager for Galleon Group, a hedge fund with up to £4.4bn (€4.82bn) in assets under management, was bailed yesterday, along with six hedge fund managers and corporate executives, in connection with a case described as "a wake-up call for Wall Street".