Rajaratnam Lawyers Reject Prosecutors' Bid To Prolong Sentence

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.


In Depth

OmniQuest Capital: Why Funds of Hedge Funds Work

Aug 11 2016 | 4:47pm ET

There have been few sectors of the alternative investment universe under as much...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...