Defense Rests in Hedge Fund Boss Insider Trade Trial

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The defense has rested in the insider trading trial of a hedge fund boss accused of making tens of million of dollars by profiting off secret information.

Attorney John Down said Monday afternoon that the defense finished its case after a two-week period of calling several witnesses in the trial of Raj Rajaratnam, founder of hedge fund company Galleon Group. The announcement meant Rajaratnam would not testify in the trial.

During the trial, the prosecution played taped conversations in which the one-time billionaire boss is heard talking with other traders about transactions he made before he was arrested in October 2009.

More than two dozen have been charged and 19 of those have pleaded guilty to charges of insider trading. Rajaratnam, who is free on $100 million bail, has been the only one to go to trial.

In 2009, Forbes listed the hedge fund founder as the world's 559th wealthiest billionaire.

With the Associated Press