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Ladybbird · 11-05-11, 18:08

Billionaire Rajaratnam Found Guilty In Massive Insider Trading Case

May 11, 2011
Reuters

[Hedge Fund Manager Raj Rajaratnam Found Guilty On 14 Counts Of Insider Trading]

In what has been a heavily-watched insider trading case, Galleon Group hedge fund manager Raj Rajaratnam has been found guilty on all 14 counts of securities fraud and conspiracy, according to multiple reports. The announcement was made in a lower Manhattan federal court.

Sweeping guilty verdict against Rajaratnam

(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.
"There is a Franks issue that remains a very serious issue that we will take up on appeal," Dowd told the judge.

The Manhattan federal jury announced its unanimous verdict on the 12th day of deliberations of a trial that began on March 8. Many legal experts said the prosecution had a strong case using FBI phone taps and testimony of three former friends and associates of Rajaratnam.

Defense lawyers had stuck consistently to their main theme that Rajaratnam's trades were guided by a trove of research and public information, not secrets leaked by highly-placed corporate insiders.
Litigation experts said the phone taps strengthened insider trading charges, which historically have been difficult to prove because they rely on circumstantial evidence.
"Wiretaps are a game changer on Wall Street," said Chicago securities lawyer Andrew Stoltmann. "That is the reason Raj Rajaratnam will spend a very long time in prison."

Rajaratnam is the only one out of 26 people charged in the broad Galleon case to go on trial so far. Twenty-one pleaded guilty and one defendant is at large. A second trial of three former securities traders is scheduled to start on Monday.
The case is USA v Raj Rajaratnam et al, U.S. District Court for the Southern District of New York, No. 09-01184.
(Reporting by Grant McCool, Basil Katz and Jonathan Stempel, editing by Dave Zimmerman)
END

I just don't understand how come all these "Big Wigs" from Wall St get bail for such dreadful serious charges, yet the poor, for misdemeanors, are refused bail a lot of the times, even if they can afford it?

Also why cant the judges just give them their sentences immediately after the guilty verdicts are determined?

What do you guys think?

.

The Warlock · 11-05-11, 18:26

Yes, I agree, what benefit is there to wait to announce the sentence, if it were me or you, i´m sure we´d be locked up in jail before the judge had left the court.

I´m sure we´ll never know that answer.

11-05-11, 18:08	#1
Ladybbird Join Date: Feb 2011 Posts: 47,626 Thanks: 27,642 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	Billionaire Rajaratnam Found Guilty Billionaire Rajaratnam Found Guilty In Massive Insider Trading Case May 11, 2011 Reuters [Hedge Fund Manager Raj Rajaratnam Found Guilty On 14 Counts Of Insider Trading] In what has been a heavily-watched insider trading case, Galleon Group hedge fund manager Raj Rajaratnam has been found guilty on all 14 counts of securities fraud and conspiracy, according to multiple reports. The announcement was made in a lower Manhattan federal court. Sweeping guilty verdict against Rajaratnam (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. "There is a Franks issue that remains a very serious issue that we will take up on appeal," Dowd told the judge. The Manhattan federal jury announced its unanimous verdict on the 12th day of deliberations of a trial that began on March 8. Many legal experts said the prosecution had a strong case using FBI phone taps and testimony of three former friends and associates of Rajaratnam. Defense lawyers had stuck consistently to their main theme that Rajaratnam's trades were guided by a trove of research and public information, not secrets leaked by highly-placed corporate insiders. Litigation experts said the phone taps strengthened insider trading charges, which historically have been difficult to prove because they rely on circumstantial evidence. "Wiretaps are a game changer on Wall Street," said Chicago securities lawyer Andrew Stoltmann. "That is the reason Raj Rajaratnam will spend a very long time in prison." Rajaratnam is the only one out of 26 people charged in the broad Galleon case to go on trial so far. Twenty-one pleaded guilty and one defendant is at large. A second trial of three former securities traders is scheduled to start on Monday. The case is USA v Raj Rajaratnam et al, U.S. District Court for the Southern District of New York, No. 09-01184. (Reporting by Grant McCool, Basil Katz and Jonathan Stempel, editing by Dave Zimmerman) END I just don't understand how come all these "Big Wigs" from Wall St get bail for such dreadful serious charges, yet the poor, for misdemeanors, are refused bail a lot of the times, even if they can afford it? Also why cant the judges just give them their sentences immediately after the guilty verdicts are determined? What do you guys think? . __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

11-05-11, 18:26	#2
The Warlock Senior Member Join Date: Mar 2011 Location: UK Born - Now living in Spain Posts: 444 Thanks: 469 Thanked 160 Times in 105 Posts	Re: Billionaire Rajaratnam Found Guilty Yes, I agree, what benefit is there to wait to announce the sentence, if it were me or you, i´m sure we´d be locked up in jail before the judge had left the court. I´m sure we´ll never know that answer. __________________ . Sig - courtesy of the very talented - Megabyter *Winners always find a way!*

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