Rajaratnam found guilty of insider trading
11 May 2011
A US District Court today convicted Galleon Group hedge fund founder Raj Rajaratnam for all 14 conspiracy and securities fraud charges of insider trading levelled against him.
District Judge Richard Holwell of Southern District of New York ruled Rajaratnam guilty after the jury delivered its verdict.
The verdict could send him to jail to 15-1/2 to 19-1/2 years in jail.
Prosecutors had sought jail for Rajaratnam pending sentencing, but the judge rejected the request.
Rajaratnam, a one-time billionaire, will remain free on bail until sentencing on 29 July.
Rajaratnam was expressionless during the verdict reading by a courtroom deputy.
The Manhattan federal jury based its prosecution case on FBI phone taps and testimony of three former friends and associates of Rajaratnam.