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It is question asked by nearly everyone following the insider-trading investigation into the Galleon Group hedge fund: What ever happened to Gary Rosenbach?
Mr. Rosenbach was the co-founder and longtime No. 2 to Raj Rajaratnam at Galleon, which collapsed in 2009 after prosecutors charged Mr. Rajaratnam with orchestrating a sweeping insider-trading conspiracy. A jury convicted him almost exactly two years ago, and he’s serving an 11-year prison term. About two dozen others, including several former Galleon traders, are also serving prison time.
But Mr. Rosenbach was never charged with any wrongdoing. He resigned from Galleon in 2009, just months before prosecutors arrested Mr. Rajaratnam, citing family health reasons. He briefly made news in early 2011 with reports that he was starting his own firm, but it never materialized and he all but disappeared from Wall Street.
Mr. Rosenbach has finally surfaced, 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 Scooters Daisy Dukes.
After the competition, Mr. Rosenbach was interviewed in a video featured on YouTube. According to the clip, Mr. Rosenbach, a New York native and graduate of Queens College, owns the Rose Valley Ranch in Weatherford, Tex., which is about an hour east of Dallas and is known as the “cutting horse capital of the world.â€
The amateur competition earlier this month earned Mr. Rosenbach, who made tens of millions of dollars on Wall Street, about $5,138 in prize money. “You won a little more than $5,000,†the reporter said. “This win, for you, means what?â€
“You know I don’t want to sound terrible, it wasn’t about the money, 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,†said Mr. Rosenbach, wearing a cowboy hat.
Cutting seems to appeal to former hard-charging Wall Street traders. About a decade ago, Jon Winkelried, a former Goldman co-president, became a gentleman rancher and learned to be a topflight cutter, according to a Fortune magazine article.
Mr. Rosenbach’s name surfaced several times in the Galleon investigation. During the trial of Rajat K. Gupta, the former Goldman Sachs director convicted of leaking boardroom secrets to Mr. Rajaratnam, a former low-level Galleon trader testified that Mr. Rajaratnam had ordered him and Mr. Rosenbach to buy a big block of Goldman shares, just hours before the bank announced a big investment from Warren E. Buffett.
