'Overwhelming' vs. 'Fiction': Closing Arguments Paint Opposing Pictures In Rajaratnam Case

Apr 21 2011 | 1:21pm ET

Jurors in the Raj Rajaratnam insider-trading trial yesterday heard competing summations of the evidence they've heard over the past seven weeks, as prosecutors and the Galleon Group founder's legal team sparred during closing arguments.

Assistant U.S. Attorney Reed Brodsky, repeatedly referring too and playing portions of the thousands of wiretaps at the heart of the case, called the evidence against the former hedge fund billionaire "overwhelming." John Dowd, Rajaratnam's lead attorney, scoffed at that notion during his summation, calling the case against his client "a fiction."

"You heard the defendant commit his crimes time and time again, in his own words," Brodsky told the seven women and five men on the panel that will decide Rajaratnam's fate. "The tapes show he didn't believe the rules applied to him. Cheating became part of his business models."

Those tapes offer "devastating proof of the defendant's guilt," Brodsky claimed.

Nonsense, Dowd offered, following the prosecutor's summation, calling the government's case "ridiculous" and "a fiction."

"You cannot convict Raj on a fiction," he told the jury.

"He worked hard for Galleon investors to make smart investments," Dowd said. "It's legal to seek out information and trade stock on it. That was Raj's job. That was his duty."

Dowd also blasted the government's parade of star witnesses and alleged co-conspirators, many of whom struck deals with prosecutors in exchange for their testimony and cooperation.

"Their testimony is unreliable and worthless," Dowd proclaimed. "When the government came knocking, they blamed it all on Raj."

Dowd will complete his closing argument today. His client faces decades in prison if convicted.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR