Still No Verdict In Insider Trading Trial Of Raj Rajaratnam

NEW YORK (WCBS 880/AP) — The jury in the biggest insider trading case ever involving hedge funds ended its second day of deliberations without a verdict.

Jurors spent part of Tuesday listening again to secretly recorded phone calls of hedge fund manager Raj Rajaratnam and other Wall Street insiders talking about the financial prospects for publicly traded companies.

WCBS 880’s Irene Cornell With An Update On The Case

Prosecutors at the Manhattan trial say the wiretaps prove that while head of the Galleon Group funds, Rajaratnam illegally made tens of millions by trading on inside tips about earnings and mergers.

Lawyers for the 53-year-old Rajaratnam have argued he relied on public information for his trading decisions.

He’s the only defendant to go to trial so far. Twenty-one others have pleaded guilty.

The jury was to resume deliberating on Wednesday.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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