Rajaratnam's case goes to federal jury

Monday, April 25, 2011 2:01 PM By dwi

NEW YORK, April 25 (UPI) -- Billionaire Raj Rajaratnam's insider-trading housing in New royalty is in the safekeeping of jurors who prosecutors said were taught by the accumulation to "forget reality."

Rajaratnam is charged with securities humbug and conspiracy.

"The accumulation has asked you ignore logic, block actuality and alter common sense," functionary Jonathan Streeter told federal jurors in a rebuttal statement before the judge gave them instructions and sent them soured to deliberate, The New royalty Times reportable Monday.

Rajaratnam, the nous of inclose money Galleon Group, has been accused of using insider information to attain have trades that attained him, or prevented him from losing, $50 million. He is at the edifice of a widely cast net that has included 20 guilty pleas, with charges filed against 26 people.

The housing includes some of the country's richest businessmen, including Rajaratnam and Rajat Gupta, who retired as nous of consulting consort McKinsey & Co. in 2007 but was on the commission of directors of Goldman Sachs and Procter & Gamble before the scandal unnatural him to resign.

Gupta has not been charged with any crime, but the Securities and Exchange Commission initiated a civil upset against him that could result in fines and having him obstructed from executive work for a public corporation.

Gupta's attorney, Gary Naftalis, has titled the SEC allegations "totally baseless."

The commission in the Rajaratnam housing heard wiretapped sound calls in which he said he had "heard yesterday from somebody who's on the commission of Goldman Sachs that they are feat to retrograde $2 per share." In a enter of another call, Rajaratnam was heard to say, "I got a call locution something good is feat to hap to Goldman," the Times said.

Rajaratnam's lawyers attempted to undermine the government's witnesses, calling one "the large cheater ever to testify at a effort in the lower borough courthouse," the Times reported.


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