No Verdict After Day One Of Rajaratnam Jury Deliberations

Apr 26 2011 | 1:37pm ET

The seven women and five men considering the fate of Galleon Group founder Raj Rajaratnam failed to reach a verdict on the 14 criminal counts against him yesterday.

The jury deliberated for four hours after being charged in the case by U.S. District Judge Richard Holwell. The 12 members of the jury and two alternates returned to court today to continue their deliberations.

The jury received the case at about noon, after hearing the last half-hour of the prosecution's rebuttal argument. Assistant U.S. Attorney Jonathan Streeter told the panel, "you know better than to accept [the defense's] twisted and completely implausible explanation for this evidence. The evidence is overwhelming and that evidence has shown that the defendant is guilty of all 14 counts of the indictment."

"The defense has twisted itself into knots trying to explain away the evidence," Streeter added. "The defense is asking you to ignore logic, forget reality and suspend your common sense."

Jurors were followed into the jury room by the exhibits presented by both sides. Prosecutors hauled two three-foot-long metal carts in, while the defense offered four banker's boxes worth of information.

Despite that considerable volume of material, jurors couldn't see everything they wanted to see. After beginning deliberations, they asked to see graphs shown by prosecutors during their closing argument as well as documents presented by the defense. The latter were already in the room with them; the former were never entered into evidence, meaning the jury can't see them again.

Before sending the jury away, Holwell allowed four of the six alternates to go home. But he did not dismiss them, warning that they would be recalled if they were needed.

Once inside the jury room, the 12 members elected a 56-year-old Bronx man, an Apple Inc. graphic artist, its foreman. The other members of the jury, who live in Manhattan, the Bronx and Westchester County, include several teachers, retired teachers and employees of various boards of education. Two work for the Metropolitan Transit Authority, one is a retired bookkeeper and Israeli army veteran. Another is a nurse, and one is an activities therapist at a nursing home.

Rajaratnam faces decades in prison if convicted of all charges.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.