Rajaratnam Wants Jury Verdict Overturned
Rajaratnam, 53, is supposed to be sentenced July 29
By: Maureen O'Gara
May. 30, 2011 06:00 PM
Convicted hedge fund felon Raj Rajaratnam wants the presiding judge in his months-long trial on insider trading charges to throw out the verdict that could send him to jail for a very long time.
On Wednesday his lawyers renewed a motion to have him acquitted and his slate wiped clean after a federal jury found him guilty of all 14 counts of conspiracy and securities fraud on May 11.
The defense tried the same thing after the government rested its case and again after all the evidence was presented.
This time his lawyers claim that despite the massive wiretap evidence against him the prosecution failed to prove his guilt beyond a reasonable doubt on at least five of the 14 counts.
Rajaratnam, 53, is supposed to be sentenced July 29.
The tens of millions he was found to have illegally garnered were almost exclusively amassed in brand-name tech stocks from tips by corrupt employees and advisors. Some 22 people in his ring have already pleaded guilty and some, like former IBM server chief Robert Moffat, have already served time.
Rajaratnam is expected to appeal to the 2nd Circuit over the taps.
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