Galleon Group's founder Raj Rajaratnam is guilty on all 14 counts of security fraud and conspiracy related to the blockbuster 2-month insider trading case in which he played the starring role.
The jury verdict was unanimous.
It took 12 days of deliberation to reach the devastating verdicts. Legal experts agreed that the government put on a very strong case, aided by FBI phone taps and the testimony of former associates. Prosecutors made their case of a 6 year conspiracy dating from 2003 in which Rajaratnam garnered almost $64 million in illegal proceeds.
The defense attorneys' strategy to portray Rajaratnam as a diligent user of public information failed. The jury bought the argument instead that Rajaratnam benefited from insider tips.
U.S. District Judge Richard Holwell can sentence Rajaratnam, born in Sri Lanka, to up to 25 years in the Big House. A bail hearing will determine whether Rajaratnam remains incarcerated until sentencing.
© 2011 Hedge Fund Writer LLC
