So you’ve started a hedge fund and have decided the best way to maximize returns for investors is by trading on material non-public information. With the government’s crackdown on insider trading, odds are you will ultimately get caught and, if you’ve suffered blunt trauma to the head, will decide to take your chances at a trial by jury rather than settle. If you’d like some level of assurance you’ll have better odds than Raj Rajaratnam, who was deemed guilty by Day 2 of deliberations (despite the jury taking 12 days to spit it out), consider these tips from one of the women, Leila Gonzalez Gorman, who helped sent him away. Read more »
Raj Rajaratnam’s Day In Court
“We started out with 37 stocks, we’re down to 14,” defense attorney John Dowd said today after his client was found guilty on 9 counts of insider trading and 5 counts of conspiracy. “The score is 23 to 14 for the defense. We’ll see you in the Second Circuit.” Read more »
On all 14 counts (9 counts of insider trading, 5 of conspiracy). Raj-Raj now faces up to 19.5 years in prison. Read more »
We’re into Week 3 of deliberations on the insider trading case, with jurors asking to play conversations between Raj and his former friends/sources of what may or may not have been material non-public information, in addition to a phone call between Raj and his little brother, who could not match big bro’s skills in (ALLEGED) insider trading and lady slaying, though he tried his hardest. [Reuters, WSJ]
We’re not saying there’s any foul play afoot at the Raj Rajaratnam trial, we’re just saying it’s interesting that the jury couldn’t come to a decision re: the Galleon founder’s guilt or innocence after 7 days of deliberating and now, they have to start all over due to the dismissal of one guy for “medical reasons,” the very same week Rajaratnam gets a doctor’s note saying he can’t report to court due to emergency surgery he had on his foot over the weekend to treat a “bacterial infection.” Read more »
The Raj Rajaratnam jury has moved onto Day 7 of its deliberations re: whether or not Raj is guilty on 5 counts of conspiracy and 9 counts of securities fraud. Meanwhile, the Galleon founder is on Day 3 or 4 of bed rest and reruns, following emergency surgery over the weekend to treat a “bacterial infection” on his foot.