Galleon Group Trial Date

Galleon Group Trial Date

Galleon Group's Raj Rajaratnam Trial Set for October 25

The founder of Galleon Group, Raj Rajaratnam, will not face trial for criminal insider trading charges until October 25.  This is seen as a small victory for Mr. Rajaratnam, the prosecution had been trying to get the trial underway in June.  U.S. District Judge Richard J. Holwell ruled that the trial would be set for October so that it would follow a separate civil case brought by the Securities and Exchange Commission.
The judge said that, given the size and complexity of the case, he agreed with defense counsel that the criminal case should be heard in the autumn.
"Six months is just ludicrous to try to defend a case of this enormity," said John Dowd, a lawyer for Mr. Rajaratnam.
Prosecutors from the U.S. Attorney's office in Manhattan had asked that the case be heard in June, six months after the first indictment in the case. Mr. Rajaratnam and Danielle Chiesi, a former consultant with hedge-fund firm New Castle Funds LLC, were originally arrested in the matter in October.
Alan Kaufman, Ms. Chiesi's lawyer, said being able to appropriately defend a case of this complexity in that amount of time would be "a physical impossibility." Source

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