Judge Won’t Junk Rajaratnam Verdict

Aug 17 2011 | 12:52am ET

Raj Rajaratnam will have to fight his conviction on insider-trading charges on appeal after the judge who presided over his trial refused to throw out the verdict.

U.S. District Judge Richard Holwell, in a filing yesterday, denied Rajaratnam’s motion to set aside the May jury verdict and enter an acquittal on the 14 counts. Holwell had reserved judgment on that motion, which was made twice during the Galleon Group founder’s trial, until now.

In his ruling, Holwell wrote that prosecutors had presented “evidence sufficient for a reasonable jury to find Rajaratnam guilty beyond a reasonable doubt” on all 14 counts. “A reasonable jury could have found Rajaratnam guilty as to Count One on the basis of” the testimony of former Galleon trader Adam Smith “alone,” Holwell ruled.

Rajaratnam, who remains free although under house arrest, is set to be sentenced next month; prosecutors have asked for as much as 24 years and five months. He is expected to appeal his conviction after the sentencing.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of