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| Craig Drimal |
Two days into the blockbuster Galleon insider trading trial jury deliberations, the panel heard nine requested excerpts over a one-hour period. The jury has not rendered any verdict yet, but the tapes may spur the process along. Jurors cannot consult transcripts of the tapes.
The 14-member panel consists of 12 juror and two alternates. The requested tapes included ones featuring prosecution witnesses Rajiv Goel and Anil Kumar. Both claimed to have forwarded inside information to Raj Rajaratnam and his brother Rengan. Another tape featured a conversation between Raj Rajaratnam and Krish Panu, a director at PeopleSoft. Neither Rengan Rajaratnam nor Panu stand accused of any crimes.
On a separate front, Galleon trader Craig Drimal pleaded guilty to insider trading following his unsuccessful attempt to suppress wiretap tapes against him. As we reported, U.S. District Judge Richard Sullivan rejected Drimal's bid to throw out the tapes last week.
His plea, guilty to conspiracy and securities fraud, mark him as the 21st individual to enter guilty pleas in the case so far. The trial for the remaining four suspects begins on May 16.
Drimal's attorney, JaneAnne Murray, said
"He deeply regrets his actions and is now focused on his future with his wife of 30 years and his three children".
Of course, his deepest regret is having been caught. Drimal will have up to 105 years in the Big House to contemplate his regrets when he receives his sentence on September 9.
