Galleon Group hedge fund founder Raj Rajaratnam was found guilty on all 14 conspiracy and securities fraud charges of insider trading on Wednesday, in a vindication of the government's aggressive tactics in prosecuting crime on Wall Street. Rajaratnam, a one-time billionaire, will remain free on bail until sentencing on July 29, US District Judge Richard Holwell ruled after the jury delivered its verdict.
Rajaratnam was expressionless during the verdict reading by a courtroom deputy. He could face 15-1/2 to 19-1/2 years in a federal prison under sentencing guidelines, prosecutors said. The Manhattan federal jury announced its unanimous verdict on the 12th day of deliberations in what many legal experts said was a strong prosecution case using FBI phone taps and testimony of three former friends and associates of Rajaratnam.