Galleon Group founder Raj Rajaratnam has been found guilty of all 14 charges in what American prosecutors claim is the largest hedge fund insider trading case in history.
The billionaire was convicted of nine of securities fraud and five counts of conspiracy after the New York jury deliberated for 12 days. He will be sentenced later this year, but faces a maximum of 25 years in prison.
Prosecutors claimed Rajaratnam illegally made up to £39m between 2003 and 2009 by using insider information garnered from executives and other corporate insiders.
They also used 45 wire-tapped telephone calls, as well as a wealth of other documentation, in the court case to show the link between Rajaratnam’s trades and the alleged insider information.
The 53-year-old’s defence argued that he was conducting legitimate investment research, rather than attempting to trade on illegal tip-offs.