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| Galleon US insider trading trial begins | Galleon US insider trading trial begins |
| (about 1 hour later) | |
| The long-awaited trial of billionaire hedge fund manager Raj Rajaratnam on charges of insider trading begins later in New York. | The long-awaited trial of billionaire hedge fund manager Raj Rajaratnam on charges of insider trading begins later in New York. |
| Prosecutors allege that Mr Rajaratnam made about $45m (£28m) in illegal profits from inside information. | Prosecutors allege that Mr Rajaratnam made about $45m (£28m) in illegal profits from inside information. |
| Some of Wall Street's best-known names could testify in the the trial, which is is expected to last several weeks. | Some of Wall Street's best-known names could testify in the the trial, which is is expected to last several weeks. |
| Mr Rajaratnam, who was arrested in October 2009, has pleaded not guilty to the charges laid against him. | Mr Rajaratnam, who was arrested in October 2009, has pleaded not guilty to the charges laid against him. |
| He is currently free on bail of $100m. If found guilty, he could face more than 20 years in jail. | He is currently free on bail of $100m. If found guilty, he could face more than 20 years in jail. |
| Phone taps | Phone taps |
| They will be paying close attention to the outcome of the trail in financial circles. | |
| Information is the lifeblood of traders. But there's a fine line between acting on rumours and tips and acting on information that's private. | |
| The government hopes this will help redefine that line which is why this case could change how business is done on Wall Street. | |
| The New York federal prosecutor has described the case as the "largest hedge fund insider trading case in history". | The New York federal prosecutor has described the case as the "largest hedge fund insider trading case in history". |
| More than 20 people, including employees of some of America's biggest companies, including IBM and Intel, have been criminally or civilly charged in the complex case, which involved the widespread use of phone tapping. | More than 20 people, including employees of some of America's biggest companies, including IBM and Intel, have been criminally or civilly charged in the complex case, which involved the widespread use of phone tapping. |
| The insider trading is said to have taken place between January and July 2007. | The insider trading is said to have taken place between January and July 2007. |
| Mr Rajaratnam founded the Galleon Group hedge fund, which managed about $7bn at the time of his arrest. | Mr Rajaratnam founded the Galleon Group hedge fund, which managed about $7bn at the time of his arrest. |
| His personal wealth has been estimated at about $1.3bn. | His personal wealth has been estimated at about $1.3bn. |