Wednesday, May 11, 2011

Rajaratnam Convicted in Galleon Group Insider Trading Case

IN a case that prosecutors claim is the largest insider trading case involving a hedge fund, Raj Rajaratnam was convicted of five conspiracy counts and nine securities fraud charges after a seven week jury trial in the Southern District of New York. 

Prosecutors had alleged the 53-year-old Rajaratnam made profits and avoided losses totaling more than $60 million from illegal tips.

Hedge fund founder convicted in inside-trade case

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