Wealthy hedge operator to face trial in NY on Oct. 25 in massive insider trading case
By APWednesday, February 17, 2010
October NY trial date set for hedge fund operator
NEW YORK — An October trial date in New York has been set for a wealthy financier charged in what prosecutors call history’s largest hedge fund insider trading case.
Federal Judge Richard Holwell Wednesday set an Oct. 25 date for Raj Rajaratnam (RAHJ rah-juh-RUHT’-nuhm) to be tried.
The founder of New York based Galleon Group entered a not guilty plea to an updated indictment released by prosecutors last week.
The indictment 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 convicted, he could face a prison sentence of up to 185 years.
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