Openings Start in Hedge Fund Boss' Insider Trading Trial
Wednesday, March 09, 2011
A prosecutor told jurors in opening statements of the trial of hedge fund boss Raj Rajaratnam that the Galleon Group founder made tens of millions of dollars illegally.
Federal prosecutor Jonathan Streeter said in Manhattan court on Wednesday that Rajaratnam traded on secret information "again and again and again" when he allegedly teamed up with employees of public companies to get insider information. Prosecutors allege he made more than $50 million off the scheme.
He has pleaded not guilty to securities fraud and conspiracy to commit securities fraud.
The case has resulted in more than two dozen arrests and 19 guilty pleas, including many people who are cooperating with the government.
With the Associated Press