But it proved impossible to distract the jury from what was said in those calls. The defence case also stumbled when Rick Schutte, a former Galleon president who testified that Mr Rajaratnam was just a meticulous researcher, revealed under questioning that Mr Rajaratnam and his family had invested $25m in his new hedge fund.
A glimpse inside
The trial afforded a glimpse inside what used to be one of the industrys largest and most respected funds. Galleon, which managed $6.5 billion at its peak, gathered staff every morning at a meeting, and employees were fined if they were late. Analysts and portfolio managers had to circulate weekly reports with their best trading ideas. Mr Rajaratnam sat in front of six computer screens during the day. Internal instant messages, e-mails and company documents revealed an intense and competitive culture that blended legitimate research with illegally obtained tips.
Mr Rajaratnams lawyer says he will appeal against his conviction. Providing it stands, the verdict will be an important victory for emboldened prosecutors, who are making insider trading and market abuse a priority. Enforcement of insider-trading law tends to go up after periods of market stress, according to Laura Beny, a professor at the University of Michigan Law School. In the past 18 months, the US Attorneys Office has charged 47 people with insider trading. Mr Rajaratnam is the 35th to be convicted.
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