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Galleon insider trading case hears final defence pleas | Galleon insider trading case hears final defence pleas |
(about 4 hours later) | |
The defence has given its closing arguments in the US trial of the billionaire boss of hedge fund Galleon Group who is accused of insider trading. | The defence has given its closing arguments in the US trial of the billionaire boss of hedge fund Galleon Group who is accused of insider trading. |
Raj Rajaratnam's lawyer told the jury the government had failed to prove he had broken insider-trading laws. | Raj Rajaratnam's lawyer told the jury the government had failed to prove he had broken insider-trading laws. |
Earlier, prosecutors claimed he had taken advantage of friends to illegally make millions of dollars. | Earlier, prosecutors claimed he had taken advantage of friends to illegally make millions of dollars. |
Mr Rajaratnam denies 14 counts of securities fraud and conspiracy. | Mr Rajaratnam denies 14 counts of securities fraud and conspiracy. |
The trial has been adjourned until Monday. | |
The Sri-Lankan-born billionaire, who is 53, is the central figure in a sweeping US government probe of insider trading at hedge funds, and the only defendant so far to go on trial. | The Sri-Lankan-born billionaire, who is 53, is the central figure in a sweeping US government probe of insider trading at hedge funds, and the only defendant so far to go on trial. |
He is accused of making as much as $63.8m (£39m) of illegal profit from 2003 to March 2009 by trading on tips from a network of highly-placed corporate insiders. | He is accused of making as much as $63.8m (£39m) of illegal profit from 2003 to March 2009 by trading on tips from a network of highly-placed corporate insiders. |
The Assistant US Attorney, Reed Brodsky, told the jury in his closing argument on Wednesday: "The defendant knew tomorrow's news today, and that meant big money." | The Assistant US Attorney, Reed Brodsky, told the jury in his closing argument on Wednesday: "The defendant knew tomorrow's news today, and that meant big money." |
He added that the defendant tried to "conquer the stock market at the expense of the law", and that there was "overwhelming" evidence of his guilt. | He added that the defendant tried to "conquer the stock market at the expense of the law", and that there was "overwhelming" evidence of his guilt. |
Secret calls | Secret calls |
The court has heard dozens of secretly recorded phone calls and heard from highly-placed business figures, including three who pleaded guilty to criminal charges and testified at the trial in the hope of winning lighter sentences: | The court has heard dozens of secretly recorded phone calls and heard from highly-placed business figures, including three who pleaded guilty to criminal charges and testified at the trial in the hope of winning lighter sentences: |
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Mr Rajaratnam's defence told the New York court the alleged insider tips he got were common knowledge. | Mr Rajaratnam's defence told the New York court the alleged insider tips he got were common knowledge. |
His lawyer, John Dowd, presented the court with dozens of e-mails, trading records and excerpts from trial testimony to argue that his client had made trades based on public reports, not on insider tip-offs. | His lawyer, John Dowd, presented the court with dozens of e-mails, trading records and excerpts from trial testimony to argue that his client had made trades based on public reports, not on insider tip-offs. |
Prosecutors have called the case the "largest hedge fund insider trading case in history". | Prosecutors have called the case the "largest hedge fund insider trading case in history". |
So far more than two dozen people have been criminally or civilly charged in the case. Most of them have pleaded guilty. | So far more than two dozen people have been criminally or civilly charged in the case. Most of them have pleaded guilty. |
Mr Rajaratnam faces 25 years in prison if found guilty. | Mr Rajaratnam faces 25 years in prison if found guilty. |
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