Raj Rajaratnam, founder and executive at the Galleon Group was convicted on 14 counts of securities fraud and conspiracy. The conviction brings to a close the biggest insider trading trial in decades.
The high-profile securities fraud trial broke when the government began wiretapping Rajaratnam’s phone in 2008 after nearly a year-long investigation. They captured him swapping stock tips with associates inside some of America’s largest firms.
“The widely watched trial exposed the behind-the-scenes dealings of a once-prestigious hedge fund that gained access to highly sensitive information about, among other things, Goldman Sachs Group Inc. at the height of the financial crisis. The government put at $63.8 million the amount in illegal profits and avoided losses Galleon realized through the scheme.” The Wall Street Journal wrote.
Rajaratnam faces up to 205 years in prison. His lawyers say they will appeal the verdict. He remains free on bail until his sentencing date.
If you or someone you love has been harmed through securities fraud, you may be entitled to compensation. Fill out the form on this page or call Sokolove Law today at 877-490-6522 for a free case evaluation.