Galleon Group has reportedly gotten a raft of investor redemption requests after its founder was arrested and charged with being part of a $20 million insider trading scheme.

The day after Galleon’s founder Raj Rajaratnam was released on $100 million bail, he wrote to his employees and investors, saying that he is “entirely innocent” and planned to mount a vigorous defense to the criminal charges, according to numerous reports.

That didn’t stop investors from asking for the money back reports said.

Rajaratnam was arrested Friday, along with five other people, including two executives of hedge fund firm New Castle Partners, and charged with an insider trading scheme in securities of companies like Google, Akamai Technologies and Clearwire.

If convicted, Rajaratnam could face up to 10 years in prison.

While there may have been a time when investors would have stood by a manager accused of wrongdoing to see if he was exonerated, last year’s revelation of Bernard Madoff’s $65 Ponzi billion scheme makes that more unlikely.

Institutional investors also may have stricter fiduciary responsibilities that could make it more difficult for them to remain with a firm that has legal and regulatory problems.

Earlier this year, Art Samberg closed his firm, Pequot Capital Management saying an ongoing Securities and Exchange Commission into an alleged insider trade in Microsoft back in 2001 made it impossible for him to continue doing business. The SEC has not yet brought a formal complaint against Samberg or his firm.