13 May '11, 7am

Rajaratnam Guilty in Insider-Trading Case

NEW YORK - Raj Rajaratnam, the hedge-fund tycoon and Galleon Group co-founder at the centre of a US insider-trading crackdown, was found guilty of all 14 counts against him in the largest illegal stock-tipping case in a generation. A jury of eight women and four men in Manhattan returned its verdict on Wednesday after hearing evidence that Rajaratnam, 53, engaged in a seven-year conspiracy to trade on inside information from corporate executives, bankers, consultants, traders and directors of public companies including Goldman Sachs Group. He gained US$63.8 million (S$78 million), prosecutors said. The trial came as Manhattan US Attorney Preet Bharara promised to crack down on "rampant" illegal trading on Wall Street. Rajaratnam was convicted on five counts of conspiracy and nine counts of securities fraud. Prosecutors said he faces 15 1/2 years to 19 1/2 years in prison a...

Full article: http://www.todayonline.com/Business/EDC110513-0000716/Raj...

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