MANHATTAN (CN) – Galleon hedge fund chief Raj Rajaratnam is still guilty 14 times over for masterminding a $63 million insider-trading scheme, a federal judge ruled.
And every one of his 40-plus co-conspirators stands convicted, too.
In March, prosecutors deployed dozens of wiretaps, three cooperating witnesses and reams of emails and other documentation to show that Rajaratnam placed illegal trades in Intel, Akamai, Blackstone, Goldman Sachs, PeopleSupport, Advanced Micro Devices and other companies.
A jury convicted the Sri Lankan-born businessman to the maximum in May, and Rajaratnam lodged his appeal later in the month.
On Wednesday, U.S. District Judge Richard Holwell recapped the extensive evidence in a 48-page order upholding the convictions.
Now prosecutors will ask Holwell to send Rajaratnam behind bars for about 24 1/2 years at his Sept. 27 sentencing.