It took weeks of deliberation, but a jury has convicted billionaire hedge-fund manager Raj Rajaratnam of fraud and conspiracy, finding him guilty on all 14 counts on Wednesday. The former Galleon Group chief could face 25 years in prison, although he's expected to appeal the decision. The case, which includes 24 other defendants and drew in Goldman Sachs, captivated Wall Street. Using extensive wire taps, federal agents built their case against Rajaratnam, who had gone from Sri Lankan immigrant to financial rock star, finding evidence that he was using inside information to profit.
The Daily Beast's Gary Weiss reports on the man who put Rajaratnam away-and what this means for other Wall Street prosecutions.
Related story on The Daily Beast: Why Insider Trading Should Be Legalized
It was the biggest anticlimax in the history of Wall Street crime. Wednesday morning, a Manhattan jury delivered its verdict in the trial of Raj Rajaratnam, the...
The Daily Beast's Gary Weiss reports on the man who put Rajaratnam away-and what this means for other Wall Street prosecutions.
Related story on The Daily Beast: Why Insider Trading Should Be Legalized
It was the biggest anticlimax in the history of Wall Street crime. Wednesday morning, a Manhattan jury delivered its verdict in the trial of Raj Rajaratnam, the...
- 5/11/2011
- by Gary Weiss
- The Daily Beast
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