Raj Rajaratnam , co-founder of the Galleon Group LLC hedge fund, relied on newspaper articles, research reports and his company’s own analysis for information to make stock trades, not insider tips, his lawyer said at the opening of his criminal trial.
Raj Rajaratnam ’s criminal trial for insider trading began with the prosecution saying the Galleon Group LLC founder used an illegal network of secret sources to earn millions of dollars in illicit profits, while his defense claimed he made decisions based only on public information.
The lawyer for Galleon Group LLC co-founder Raj Rajaratnam accused U.S. prosecutors of living in a “make-believe” and “imaginary world” where publicly available information about pending deals “didn’t exist.”
On the evening of June 29, Amedeo Scognamiglio, a jewelry designer on the Isle of Capri, met friends for drinks at the elegant Grand Hotel Quisisana. Around midnight, Scognamiglio says, “I noticed some familiar American faces.”
Galleon Group LLC co-founder Raj Rajaratnam , facing insider trading charges, asked a judge to throw out government wiretaps of 2,400 of his conversations and evidence prosecutors gathered after listening to them.
John Dowd, a combative ex-Marine who cursed at a cameraman after court one day, was the lawyer Galleon Group LLC co-founder Raj Rajaratnam selected for his trial last year on insider-trading charges. The jury, citing overwhelming evidence, voted to convict.