Sweeping guilty verdict against (Galleon Group hedge fund founder) Rajaratnam

[tridim]

NEW YORK (Reuters) - Galleon Group hedge fund founder Raj Rajaratnam was found guilty of 14 securities fraud and conspiracy charges on Wednesday, in a vindication for the government's use of aggressive tactics in prosecuting insider trading on Wall Street.

Rajaratnam, a one-time billionaire, will remain free on bail under house arrest with electronic surveillance until his sentencing on July 29, U.S. District Judge Richard Holwell ruled after the jury delivered its verdict.

The Sri Lankan-born Rajaratnam, the central figure in what the government has described as the biggest probe of insider trading at hedge funds on record, sat expressionless between his lawyers while a court official read the verdict.

His chief lawyer, John Dowd, said inside and outside of the courtroom on Wednesday that he would appeal the prosecution's use of secretly-recorded phone calls. After a four-day mini-trial called a Franks hearing last October, the judge denied defense efforts to suppress the phone tap evidence.

More: http://finance.yahoo.com/news/Rajaratnam-convicted-of-rb-126674489.html?x=0&sec=topStories&pos=1&asset=&ccode=

The amped-up regulation of Wall Street is working. Crow for all the doubters is being served in the lounge.

[Walk away]

1. How much do you want to bet that he spends less time in jail than Martha Stewart?

....if any.

[Po_d Mainiac]

6. He'll likely get plenty

Doubtfull he plays golf on the "right" fairways.

[golfguru]

2. Lock him up and throw away the key

Until Wall Street is cleaned up of crooks, public confidence
will not return.

[westerebus]

3. Compared to what?

Amped up regulation that is. And which regulation are you speaking about?

Let me know when they get around to the rest of the insiders that had a hand in killing the American economy.

Bonus points when the CEO's of the major banks get to make a plea in open court.

Until then, I will wait for the Great Recession to conclude.

[Po_d Mainiac]

4. Amped up regulation?????????

The friggin indictment goes back to October of 2009...unfuckin believable how shallow the comment is. :puke:

[Po_d Mainiac]

5. History.....

By RICHARD ESPOSITO, KRISTIN JONES, ANNA SCHECTER and BRIAN ROSS (@brianross)
Oct. 16, 2009
The New York hedge fund billionaire indicted today in an alleged $20 million insider trading scheme, Raj Rajaratnam, was a major contributor to the campaigns of Hillary Clinton and also the single largest known U.S. contributor to a charity linked to the Tamil Tiger terror group in Sri Lanka, according to records obtained by ABCNews.com.

Rajaratnam is accused of operating an elaborate insider trading operation through his Galleon Group hedge fund, which made him one of the wealthiest men in America with an estimated net worth of $1.3 billion.

The case against Rajaratnam and the five others indicted alleges they netted over $25 million in profits and marked the first time a court authorized wire taps were used in a hedge fund case.

http://abcnews.go.com/Blotter/raj-rajaratnam-indicted-20-million-insider-trading-case/story?id=8845975

[CanonRay]

7. How did the Justice Dept. let an actual prosecution slip through?

Must have been a bit mistake somewhere down the line.