DOJ to Drop Galleon Insider-Trading Case Against Ex-Moody’s Analyst

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that the Justice Department (DOJ) has “given up” trying to extradite former Moody’s Corporation (NYSE:MCO)’s analyst Deep Shah to face charges in the Galleon insider trading case due to India’s weak extradition treaty.

DOJ to Drop Galleon Insider-Trading Case Against Ex-Moody's Analyst

On whether Deep Shah will be extradited:

“He was both criminally and civilly charge by the SEC for this action – obviously fired from Moody’s Corporation (NYSE:MCO)’s, fled the country, went back to India…Nowhere to be found. They can’t extradite him. They’re not trying to extradite him. He is the lone fugitive in this case… Deep Shah would have probably faced something like five years in jail. It was pretty clear that what he did was violated insider trading statutes.”

On the Justice Department in regards to Deep Shah being extradited:

“They have no comment, but we do hear from sources close to the Justice Department that they have given up.”

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