It is a question asked by nearly everyone who has followed the insider-trading investigation of Galleon Group hedge fund: What ever happened to Gary Rosenbach?
Rosenbach was the co-founder and longtime No. 2 to Raj Rajaratnam at Galleon, which collapsed in 2009 after prosecutors charged Rajaratnam with orchestrating a sweeping insider-trading conspiracy. A jury found him guilty about a year and a half later, and he’s now serving an 11-year prison term. The government has secured convictions of about two dozen others who were part of the conspiracy, including several former Galleon traders.
But Rosenbach was never charged with any wrongdoing. He resigned from Galleon just months before prosecutors Rajaratnam’s arrest, citing family health reasons. He briefly made news in early 2011 with reports that he was starting his own firm, but it never materialised and he all but disappeared from Wall Street.
Rosenbach has finally resurfaced, in Texas, as an accomplished amateur “cutter,” a sport in which horseback riders separate one calf from the cattle herd. Earlier this month, in Fort Worth, he won the National Cutting Horse Association Super Stakes Derby Amateur Championship aboard his horse, a mare, Scooters Daisy Dukes.
After the competition, Rosenbach was interviewed in a video featured on YouTube. According to the clip, Rosenbach, a New York native and graduate of Queens College, owns the Rose Valley Ranch in Weatherford, Tex., a town about an hour east of Dallas that calls itself “the cutting horse capital of the world.”
The amateur competition earlier this month earned Rosenbach — who made tens of millions of dollars at Galleon — about $5,138 in prize money. “You won a little more than $5,000,” the reporter said. “This win, for you, means what?”
“You know I don’t want to sound terrible, it wasn’t about the money,” said Rosenbach, wearing a cowboy hat. “It’s about the buckle, it’s about the saddle, it’s about the exciting feeling, the adrenaline rush of when you finish and you put your hand down and you’re done cutting.”
Cutting seems to appeal to former hard-charging traders. About a decade ago, Jon Winkelried, a former Goldman Sachs co-president, became a gentleman rancher and learned to be a topflight cutter, according to this Fortune magazine article.
Rosenbach’s name surfaced several times in the Galleon investigation. During the trial of Rajat K Gupta, the former Goldman director convicted of leaking boardroom secrets to Mr. Rajaratnam, a former Galleon trader testified that he and Rosenbach were ordered to buy a big block of Goldman shares just hours before the bank announced a big investment from Warren E Buffett.
A lawyer for Rosenbach, Douglas Koff at Paul Hastings, declined to comment.
© 2013 The New York Times News Service
Rosenbach was the co-founder and longtime No. 2 to Raj Rajaratnam at Galleon, which collapsed in 2009 after prosecutors charged Rajaratnam with orchestrating a sweeping insider-trading conspiracy. A jury found him guilty about a year and a half later, and he’s now serving an 11-year prison term. The government has secured convictions of about two dozen others who were part of the conspiracy, including several former Galleon traders.
But Rosenbach was never charged with any wrongdoing. He resigned from Galleon just months before prosecutors Rajaratnam’s arrest, citing family health reasons. He briefly made news in early 2011 with reports that he was starting his own firm, but it never materialised and he all but disappeared from Wall Street.
Rosenbach has finally resurfaced, in Texas, as an accomplished amateur “cutter,” a sport in which horseback riders separate one calf from the cattle herd. Earlier this month, in Fort Worth, he won the National Cutting Horse Association Super Stakes Derby Amateur Championship aboard his horse, a mare, Scooters Daisy Dukes.
After the competition, Rosenbach was interviewed in a video featured on YouTube. According to the clip, Rosenbach, a New York native and graduate of Queens College, owns the Rose Valley Ranch in Weatherford, Tex., a town about an hour east of Dallas that calls itself “the cutting horse capital of the world.”
The amateur competition earlier this month earned Rosenbach — who made tens of millions of dollars at Galleon — about $5,138 in prize money. “You won a little more than $5,000,” the reporter said. “This win, for you, means what?”
“You know I don’t want to sound terrible, it wasn’t about the money,” said Rosenbach, wearing a cowboy hat. “It’s about the buckle, it’s about the saddle, it’s about the exciting feeling, the adrenaline rush of when you finish and you put your hand down and you’re done cutting.”
Cutting seems to appeal to former hard-charging traders. About a decade ago, Jon Winkelried, a former Goldman Sachs co-president, became a gentleman rancher and learned to be a topflight cutter, according to this Fortune magazine article.
Rosenbach’s name surfaced several times in the Galleon investigation. During the trial of Rajat K Gupta, the former Goldman director convicted of leaking boardroom secrets to Mr. Rajaratnam, a former Galleon trader testified that he and Rosenbach were ordered to buy a big block of Goldman shares just hours before the bank announced a big investment from Warren E Buffett.
A lawyer for Rosenbach, Douglas Koff at Paul Hastings, declined to comment.
© 2013 The New York Times News Service