Galleon Hedge Fund Manager Convicted on All Counts

Published by: Dave Simmons on 11th May 2011 | View all blogs by Dave Simmons
Raj Rajaratnam.jpg

Galleon Hedge Fund Manager Convicted on All Counts

Raj Rajaratnam, the billionaire hedge fund manager charged with 14 counts involving insider trading, has been convicted on all counts.  The judge presiding in the case turned it over to the jury on April 25th, and the guilty verdict was returned Wednesday morning, after just over a week of deliberations.  Officials have called the case against Rajaratnam the biggest in U.S. history involving a hedge fund.  Rajaratnam faces up to 25 years in prison for the crimes.

Prosecutors built their case against the 53 year-old billionaire with the testimony of several cooperators who had worked with Rajaratnam, as well as a series of secretly recorded telephone conversations.  The phone calls were talks Rajaratnam had with several “corporate spies” about earnings and mergers.  Rajaratnam was accused of using that inside information to earn more than $60 million for Galleon hedge funds.

The man's defense attorneys argued that he had earned the staggering sums only by using legitimate research and analysis of the companies whose stocks he traded.  Rajaranam's conviction is a major victory for U.S. insider trading authorities.

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