Galleon insider makes $3M profit off apartment sale

Hedge fund manager Richard Grodin — who was subpoenaed in the Galleon Group insider-trading investigation — sold his Lincoln Square apartment this month for $6.98 million, nearly $3 million more than he paid for it seven years ago, the Wall Street Journal reported. He accepted an offer that was about $1.5 million less than his initial asking price when he put the property up for sale in January. In 2003, he bought the 2,466-square-foot, three-bedroom apartment for $4.1 million, according to Streeteasy.com. It isn’t clear whether the apartment sale is related in any way to the Galleon investigation. The subpoena doesn’t suggest any wrongdoing by Grodin, who could not be reached for comment. [WSJ]