The Galleon trial
Rajaratnam guilty as charged
IN A phone call recorded by the government in 2008, Raj Rajaratnam, the boss of Galleon Group, a large hedge fund, called Danielle Chiesi, an executive at another fund, to thank her for sharing a tip. But its a conquest, right? he asks her. Its a conquest, she responds. Youre a warrior. Im a warrior.
On May 11th Mr Rajaratnam lost the battle he was fighting against government prosecutors. He was convicted on 14 counts of securities fraud and conspiracy, and faces up to 205 years in prison when he is sentenced in July. A New York jury found that Mr Rajaratnam made nearly $64m from trading based on tips he ferreted out from a network of corporate executives and traders about firms like Goldman Sachs, Google and Intel. He rewarded them generously for confidential information. He paid Anil Kumar, then an executive at McKinsey, $500,000 a year for tips about the firms clients, for example.
This is the first insider-trading case in which the government has used wiretaps, and they were pivotal in Mr Rajaratnams conviction. The jury heard dozens of conversations that showed him as foul-mouthed, boastful and conniving. In one Mr Rajaratnam and his brother, Rengan, talk about getting another McKinsey executive to leak information. Everybody is a scumbag, says Rengan, and they laugh.
Mr Rajaratnam, a risk-taker in his trading, took the same approach to fighting the governments charges against him. He hired a public-relations manager to set up a website, rajdefense.org, which attacked supposedly biased news articles and posted documents relevant to his case. His lawyers argued that the information Mr Rajaratnam traded on was publicly available, pointing to news reports that speculated about upcoming deals and results.
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