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.”
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.
Regulators’ accusations that former Goldman Sachs Group Inc. director Rajat Gupta leaked stock tips to Raj Rajaratnam threatens the Galleon Group LLC co-founder’s right to a fair trial on insider-trading charges, a lawyer said.