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Rajaratnam Pleads Not Guilty

Rajaratnam Pleads Not Guilty

Rajaratnam and Chiesi Plead Not Guilty to Insider Trading


Raj Rajaratnam and Danielle Chiesi, two hedge managers of Galleon fund and New Castle Partners, respectively, have pleaded not guilty to charges of insider trading.  Last week, the two managers were indicted on several counts of securities fraud and conspiracy.  This case has been a dark spot on an otherwise bright year for the hedge fund industry, fueling regulators' and investors' drive for greater transparency and accountability.
Two months ago, Mr. Rajaratnam and Ms. Chiesi, both in handcuffs, were led into a Manhattan court by agents from the Federal Bureau of Investigation in what was the beginning of the one of the largest insider trading cases in Wall Street history.
Since Mr. Rajaratnam was arrested and released on $100 million bail, he has spent millions of dollars hiring top criminal defense lawyers and public relations consultants to combat the charges against him. Following his arrest, investors moved rapidly to pull more than $4 billion from hedge funds managed by the Galleon Group.
“My daughter is innocent and that is what you will be printing,” Gloria Chiesi, Danielle Chiesi’s mother, told the Wall Street Journal after the hearing. “God borrowed my body and gave me this girl. She’s my angel.”

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