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

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note