Guilty of charges
Source: Agencies |
May 12, 2011, Thursday
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Print Edition
Print Edition
GALLEON Group hedge fund founder Raj Rajaratnam was found guilty on all 14 conspiracy and securities fraud charges of insider trading yesterday, in a vindication of the United States government's aggressive tactics in prosecuting crime on Wall Street.
Rajaratnam, a one-time billionaire, will remain free on bail until sentencing on July 29, US District Judge Richard Holwell ruled after the jury delivered its verdict.
Rajaratnam could face 15-1/2 to 19-1/2 years in a federal prison under sentencing guidelines, prosecutors said.
The jury convicted Rajaratnam of nine counts of securities fraud and five counts of conspiracy for what prosecutors describe as the money manager's central role in the most sweeping probe of insider trading at hedge funds on record.
Rajaratnam, a one-time billionaire, will remain free on bail until sentencing on July 29, US District Judge Richard Holwell ruled after the jury delivered its verdict.
Rajaratnam could face 15-1/2 to 19-1/2 years in a federal prison under sentencing guidelines, prosecutors said.
The jury convicted Rajaratnam of nine counts of securities fraud and five counts of conspiracy for what prosecutors describe as the money manager's central role in the most sweeping probe of insider trading at hedge funds on record.
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