Thursday, 25 August 2016
Last updated 9 hours ago
Oct 11 2011 | 12:11pm ET
Raj Rajaratnam's lawyers pooh-poohed prosecutors' allegations that the Galleon Group founder led a cabal of hedge fund employees to act illegally in their continued effort to minimize his sentence.
In a filing yesterday, Rajaratnam's legal team denied prosecutors' claim Friday that Rajaratnam's insider-trading scheme involved Galleon back-office employees and outside fund managers, knowingly or unknowingly. Federal sentencing guidelines call for longer prison terms for those who lead five or more people in a crime.
"There is simply no evidence that Mr. Rajaratnam led any of these individuals in connection with criminal activity—much less that he led all of them—much less that he did so with specific criminal intent," Rajaratnma's lawyers wrote.
Rajaratnam is to be sentenced on Thursday, five months after his conviction on securities fraud and conspiracy charges. Prosecutors are pushing for a sentence of up to 24½ years; Rajaratnam's lawyers have countered with no more than eight years.