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Insider trading case verdict: guilty

Wednesday, May 11, 2011 - 00:49

May 11 - Galleon group founder Raj Rajaratnam was found guilty on all 14 charges of conspiracy and securities fraud and awaits sentencing on July 29th. Conway G. Gittens reports.

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Galleon Hedge Fund Founder Raj Rajaratnam has been found guilty on all fourteen counts of conspiracy and securities fraud. The verdict is seen as a big win for the government in the highest profile insider trading case in decades. Rajaratnam was found guilty of using insider information to pocket nearly $64 million in ill-gotten gains over a six year period. Under federal sentencing guidelines, Rajaratnam could face up to 19-1/2 years in prison. He will be sentenced on July 29th. Conway Gittens, Reuters

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Insider trading case verdict: guilty

Wednesday, May 11, 2011 - 00:49