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Hedge-Fund Founder Guilty of Insider Trading

June 7, 2011
Colson Hicks Eidson

Galleon Group hedge-fund founder Raj Rajaratnam could spend the rest of his life in prison for insider trading. Last month, a jury found Rajaratnam guilty on all 14 counts of securities fraud and conspiracy. According to prosecutors, he received confidential stock tips from insiders at public companies and then used the inside information to make a profit and avoid $63.8 million in losses.

Rajaratnam’s white-collar defense lawyers argued that their client used public information and legitimate research in all his transactions. Nonetheless, Rajaratnam returns to court on July 29 for sentencing.

Some are calling the conviction of Rajaratnam one of the most significant successful prosecutions of a financial white-collar defendant since Bernard Ebbers and Jeffrey Skilling. In 2005, a court sentenced WorldCom, Inc., executive Bernard Ebbers to 25 years in prison for conspiracy, securities fraud and making false filings with the Securities and Exchange Commission.

Former Enron President Jeffrey Skilling is in federal prison for 24 years after a conviction on 19 felony counts of conspiracy, securities fraud and insider trading.

Contact a Florida attorney immediately if you are subject to government investigation or prosecution. A Florida lawyer experienced in white-collar criminal defense can protect the rights of you and your company.