Jury Goes Home For Weekend In Hedge Fund Insider Trading Case Against Raj Rajaratnam

NEW YORK (AP / CBSNewYork) – A New York City jury has ended a short day of deliberations without a verdict at the biggest ever hedge-fund insider trading trial.

WCBS 880’s Irene Cornell: The Jury Has Been Focused On Wiretap Conversations

The judge let jurors leave early on Friday. It was their fifth day of weighing the fate of hedge fund manager Raj Rajaratnam.

The Manhattan trial centers on secretly recorded phone calls of Rajaratnam and other Wall Street insiders talking about earnings and mergers. Prosecutors say the wiretaps prove the Galleon Group chief made tens of millions of dollars by trading on inside tips.

Lawyers for the Sri Lanka-born Rajaratnam argue he relied on public information and complex analysis for his decisions.

The jury is to resume deliberations on Monday.

(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 This material may not be published, broadcast, rewritten, or redistributed.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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  • koku

    The legal system is so expensive most of those accused cannot afford to defend themselves,i am sure some of them want to fight and defend but has no money to face this expensice trials.This way at least they saved what they had for their children and families. Raj has money so he was able to defend.

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