Rajaratnam Calls Case 'Rank Speculation,' Seeks Acquittal

Law360, New York (May 25, 2011, 6:30 PM EDT) -- Raj Rajaratnam, the billionaire co-founder of hedge fund Galleon Group LLC, renewed his bid Wednesday in New York to shake his conviction on 14 counts of insider trading, saying the federal government's evidence against him relied on speculation.

The government said Rajaratnam made about $53.8 million and avoided an additional $9.9 million in losses by trading on tips from inside sources, including former friends at Intel Corp., McKinsey & Co. and Goldman Sachs Group Inc. The U.S. built its case on wiretaps that secretly recorded conversations...
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