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Billionaire Hedge Fund Chief Raj Rajaratnam Found Guilty On All Counts

05/11/2011 10:20 am 0 comments

Source: MSNBC

NEW YORK — A former Wall Street titan was convicted Wednesday of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on blockbuster trades in technology and other stocks — what prosecutors called the largest insider trading case ever involving hedge funds.

Raj Rajaratnam was convicted of five conspiracy counts and nine securities fraud charges at the closely watched trial in federal court in Manhattan. He could face up to 25 years in prison when he is sentenced in July, although prosecutors said Wednesday that he could get 15-1/2 to 19-1/2 years in prison under federal sentencing guidelines.

The jury had deliberated since April 25, and at one point was forced to start over again when one juror dropped out due to illness.

Prosecutors had alleged the 53-year-old Rajaratnam made profits and avoided losses totaling more than $60 million from illegal tips. His Galleon Group funds, they said, became a multibillion-dollar success at the expense of ordinary stock investors who didn’t have advance notice of the earnings of public companies and of mergers and acquisitions.

To read this article in its entirety visit MSNBC.

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