Tuesday, 26 July 2016
Last updated 5 min ago
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.