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Rajaratnam broke law to conquer market says prosecutor

Rajaratnam broke law to conquer market says prosecutor
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First Published: Wed, Apr 20 2011. 07 52 PM IST
Updated: Wed, Apr 20 2011. 07 52 PM IST
New York: Raj Rajaratnam corrupted friends and corporate employees to gain tips that let him make millions of dollars of illegal profit through insider trading, a prosecutor said at the Galleon Group hedge fund founder’s trial.
“The defendant knew tomorrow’s news today, and that meant big money,” assistant US attorney Reed Brodsky told the Manhattan federal jury in his closing argument on Wednesday.
Rajaratnam tried to “conquer the stock market at the expense of the law,” Brodsky added. He called the evidence against Rajaratnam “overwhelming.”
The 53 year old is the central figure in a sweeping US government probe of insider trading at hedge funds, and the only defendant so far to go on trial.
The one-time billionaire was charged with 14 counts of securities fraud and conspiracy, and faces as much as 25 years in prison if convicted.
His chief defense lawyer, John Dowd, is expected to begin his closing argument later on Wednesday. The jury could begin deliberations as soon as Thursday.
Prosecutors accuse Rajaratnam of making as much as $63.8 million of illegal profit from 2003 to March 2009 by trading on tips from a network of highly-placed corporate insiders.
Many of the tips related to technology companies such as chipmakers Advanced Micro Devices Inc and Intel Corp and the Internet search company Google Inc.
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First Published: Wed, Apr 20 2011. 07 52 PM IST