Galleon’s Leader Goes Down On All Counts !
Great to see these convictions. And, remember, the original charges involved insider trading in 37 stocks, but the government winnowed it to 14 stocks to simplify trial.
Let’s hope there are many more wiretaps, indictments, guilty pleas and convictions.
From the WSJ: NEW YORK–Raj Rajaratnam, a billionaire hedge-fund impresario who built his fortune in the relentless cultivation of corporate contacts, was convicted Wednesday on all 14 counts of securities fraud and conspiracy against him in the biggest insider-trading case ever, likely accelerating an unprecedented wave of prosecutions rocking Wall Street.
The verdict by the 12-member jury, following 12 days of deliberation, capped a blockbuster trial that began in early March and featured 45 wiretaps showing how the founder of Galleon Group trafficked in insider tips provided by a web of contacts at the top tier of American business.