Intel Exec.'s Phone Calls Occupy Jury On Day Three

Apr 28 2011 | 12:25pm ET

On their third day of deliberations, the jury in the Raj Rajaratnam case spent more time listening to the wiretapped phone calls at the heart of the government's case against the Galleon Group founded.

Jurors listened to six of the 45 tapes in the case, all of them between Rajaratnam and government star witness Rajiv Goel. Goel, a former Intel Corp. executive, testified during the trial that he passed confidential information about Intel and other companies to Rajaratnam.

Yesterday was the second-straight day that jurors listened to wiretaps, The focus on Goel—Rajaratnam's alleged tipster on a deal involving Clearwire Corp. and Sprint Nextel that makes up the third count of the 14-count indictment against Rajaratnam—appears to indicate that the jury is systematically going through the case against the former hedge fund billionaire. The jury returned today to continue their deliberations.

The jury's reliance on the tapes produced an angry exchange between prosecutors and Rajaratnam's lead defense attorney. U.S. District Judge Richard Holwell has refused to allow jurors to consult transcripts of the tapes, since those were not entered into evidence.  Holwell also refused to give the jury a computer with all of the taps, allowing them to replay them for themselves. Prosecutor Reed Brodsky said that restriction was "handcuffing the government's case."

"Some of the government's best evidence is not back there in the jury room," he complained.

Rajaratnam's lawyer, John Dowd, shot back that "the government is trying to change the rules after you put the horse in the barn."

"You can't take the witness stand and send them back," he added. "It's just the way it is."

Holwell refused even to give the jury the computer, saying he didn't want the panel "only listening to one line" of a call.

After Holwell sided—for the time being—with the defense, Dowd told Brodsky he'd "get a big crying towel for him." Brodsky smiled.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

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.