Wealthy hedge operator Raj Rajaratnam to face NY judge in massive insider trading case
By APWednesday, February 17, 2010
Wealthy hedge fund operator to face NY judge
NEW YORK — A wealthy financier is facing upgraded charges in New York in what prosecutors call history’s largest hedge fund insider trading case.
Raj Rajaratnam (RAHJ rah-juh-RUHT’-nuhm) is scheduled for arraignment on Wednesday afternoon in Manhattan federal court.
The founder of New York based Galleon Group has been described as one of the wealthiest men in the United States.
A rewritten indictment was made public Feb. 9. It accuses the Sri Lankan-born defendant of making up to $45 million from trades based on secrets. A prosecutor has said that total may top $50 million.
Rajaratnam denies wrongdoing.
If prosecutors win conviction, they say he could face a prison sentence of up to 185 years.
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