Wednesday, 30 July 2014
Last updated 6 hours ago
May 12 2011 | 8:06pm ET
The jurors who convicted Galleon Group founder Raj Rajaratnam of insider trading did not say much after leaving the Manhattan courtroom yesterday. But what they did say vindicated prosecutors' faith in the power of wiretaps.
In their note to U.S. District Judge Richard Holwell announcing they had reached a verdict, the jury told the judge they did not want to speak to reporters after the verdict was announced, and Holwell instructed them not to discuss the verdict or their deliberations. Still, a few of the panel's members offered a few words to the voracious crowd of journalists as they beat a hasty retreat to the subway.
"There was just a lot of evidence," juror Leila Gorman Gonzalez told The Wall Street Journal. Another, Carmen Gomez, said that tapes showed Rajaratnam used "confidential information" in his trading.
Still, Gomez said, "it was a very difficult decision."
Gonzalez told the Journal that she was "relieved" that the nine-week trial was finally over.
An alternate juror, Philip Wedo, was more forthcoming, telling the Journal that he was surprised that the jury voted unanimously to convict on all 14 charges. Wedo said he thought there was "more wiggle room," but admitted that he wanted Rajaratnam to testify to "explain what we heard on the tapes," which he said also surprised him.
"I didn't expect them to be so boring," he explained.
It seems that the jury knew what they were going to do on Tuesday: At least one person in the courtroom noted that the panel avoided looking at Rajaratnam as they entered the courtroom that day, and five members took some group photos outside of the courthouse after the day's deliberations, including the foreman.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…