Ex-Exec Says Hedge Fund Boss Gave Him Approval to Get Secret Info

An admitted insider trader testified in a Manhattan court that his former boss gave him approval to illegally gather secrets about the technology industry.

Adam Smith, testifying in the trial of hedge fund boss Raj Rajaratnam on Tuesday, said the Galleon firm relied on the information to "get an edge" on trades.

Smith pleaded guilty last year and agreed to record phone calls in a sweeping Wall Street probe.