Raj Rajaratnam Guilty
Rajaratnam Found Guilty of Fraud and Conspiracy
A federal jury found hedge fund manager Raj Rajaratnam guilty on all 14 counts against him. The Galleon Group founder was initially charged as part of the federal crackdown on insider trading in the financial industry. Now, Mr. Rajaratnam could face as many as 19 and a half years in prison. He will be sentenced on July 29th.
After deliberating for over two weeks, a federal jury in Manhattan convicted Mr. Rajaratnam of all14 counts he faced. He could face as much as 19 and a half years in prison under federal sentencing guidelines. He is to be sentenced on July 29.
Mr. Rajaratnam was charged in October 2009 and became the hub of what developed into a sprawling, multiyear investigation. The Justice Department and the Securities and Exchange Commission accused Mr. Rajaratnam and five others of relying on a vast network of company insiders and consultants to make tens of millions in profits.
During the course of the case, 21 defendants pleaded guilty, including former executives at I.B.M., Intel and Bear Stearns.
The government built its case against Mr. Rajaratnam with powerful wiretap evidence. Over a nine-month stretch in 2008, federal agents secretly recorded Mr. Rajaratnam’s telephone conversations. They listened in as Mr. Rajaratnam brazenly and matter-of-factly swapped inside stock tips with corporate insiders and fellow traders. Source
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