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Hedge fund founder convicted in inside-trade case
U.S. District Judge Richard Holwell told jurors not to talk about the deliberations.
After they were dismissed, Assistant U.S. Attorney Jonathan Streeter immediately asked the judge to jail Rajaratnam, arguing that his overseas bank accounts and properties gave him the means to flee the country. The prospect of a lengthy prison term also gave him “tremendous incentive” to go underground, Streeter said.
But the judge ruled that Rajaratnam could remain free on $100 million bail as long as he was placed under house arrest at his Manhattan home. When the courtroom emptied, the defendant paced around and looked somber as he waited to meet with his lawyers.
The defense had argued that the tapes revealed nothing more than that Rajaratnam was doing his duty by asking questions about information already circulating in the “real world” of high finance.
“That happens every day on Wall Street,” Dowd told the jury. “There’s nothing wrong with it.”
Dowd headed a team of attorneys who crowded around the defense table each day. The defendant took an uncustomary position on a bench behind them and listened along with jurors as his voice filled the courtroom.
“Yeah,” Gupta responded. “This was a big discussion at the board meeting.”
Prosecutors sought to maximize the impact of the Gupta tape by calling Goldman Sach’s chairman Lloyd Blankfein to testify that the phone call violated the investment bank’s confidentiality policies. Gupta, who has not been charged, has denied any wrongdoing.
The government also has played tapes of Rajaratnam it said proved he was trading secrets and orchestrating cover-ups with fellow hedge fund manager Danielle Chiesi, who has pleaded guilty in the case.
“I mean I think this stock could go up $10 you know? But we got to keep this radio silence,” Rajaratnam said in one tape.
“Oh please. That is my pleasure,” Chiesi responded.
“Not even to your little boyfriends, you know?”
“No, believe me, I don’t have friends,” she replied.
By Donald Lambro
Growth spikes are little more than trend-free anomalies
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White House pets gone wild!
Let it snow