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Jury Deliberates for Fourth Day in Insider Trader Trial of Hedge Fund Boss

Thursday, April 28, 2011

The jury is now in its fourth day of deliberations in the biggest insider trading case involving hedge funds in U.S. history.

The jury heard dozens of wiretaps between Wall Street insiders and founder of the Galleon Group, Raj Rajaratnam, who prosecutors say made $68 million through insider information.

Rajaratnam has pleaded not-guilty and his lawyers argue that all of the information was public.

On Thursday, the 21st hedge fund trader pleaded guilty to charges of insider trading. Donald Longueuil, 35, admitted that between 2006 and 2010 he helped hedge funds obtain insider information about technology companies. Longueuil submitted a plea and admitted that he'd destroyed a flash drive and hard drives once he learned of the investigations last November.

With the Associated Press

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