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Galleon Fund Manager Found Guilty on All Charges
Former Galleon hedge fund manager, Raj Rajaratnam has been convicted of 14 federal charges alleging he made a fortune off insider trades. The former billionaire was found guilty of nine counts of securities fraud and five counts of conspiracy for what prosecutors describe as the former Wall Streeter's central role in one of the biggest insider trading cases ever against a hedge fund. Rajaratnam had been accused of using inside tips to gain an edge on trades that made his Galleon Group funds more than $60 million in profits. The jury which had been deliberating for 12 days, heard testimony of former friends and associates and secretly recorded phone call about earnings and mergers. The defense said Rajaratnam only relied on legitimate research and analysis.
Sri Lankan-born Rajaratnam now faces 25 years in prison. He is expected to appeal. [NYTimes 5/11/11]
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