Hedge Fund Manager Raj Rajaratnam Found Guilty On 14 Counts Of Insider Trading
In what has been a heavily-watched insider trading case, Galleon Group hedge fund manager Raj Rajaratnam has been found guilty on all 14 counts of securities fraud and conspiracy, according to multiple reports. The announcement was made in a lower Manhattan federal court.
Rajaratnam, a one-time billionaire, will remain free on bail until sentencing on July 29, U.S. District Judge Richard Holwell ruled after the jury delivered its verdict.
Rajaratnam was expressionless during the verdict reading by a courtroom deputy.
He could face 15-1/2 to 19-1/2 years in a federal prison under sentencing guidelines, prosecutors said.
The Manhattan federal jury announced its unanimous verdict on the 12th day of deliberations in what many legal experts said was a strong prosecution case using FBI phone taps and testimony of three former friends and associates of Rajaratnam.
During the two-month trial, prosecutors hammered at their argument that Rajaratnam cheated to gain an unfair advantage in the stock market from 2003 to March 2009, reaping an illicit $63.8 million.
LadyJazzer wrote: Darn... How dare they take down this upstanding billionaire... Just think how many jobs he might have created with his ill-gotten $63.8 Million...
You expect anyone to defend a criminal?
The system only works if the cheaters are punished heavilly.
"Whatever you are, be a good one." ~ Abraham Lincoln
