US Insider trader found guilty
Published:Wednesday | May 11, 2011 | 2:26 PM
US hedge fund billionaire Raj Rajaratnam has been found guilty of making tens of millions of dollars from insider trading.
The unanimous verdict brings to an end an eight-week trial which is part of what prosecutors call the largest hedge fund insider trading case in history.
Central to the prosecution's evidence were tapped phone calls between Rajaratnam and corporate insiders.
Rajaratnam faces between 15-and-a-half and 19-and-a-half years in jail.
He will be released on bail with an electronic tag until the sentencing date of July 29, although prosecutors had asked for him to be kept in custody in the meantime.
Rajaratnam was found guilty on all of the 14 charges he faced, including five counts of conspiracy and nine of securities fraud.