Rajaratnam Convicted of Insider Trading Charges

A former billionaire Wall Street hedge fund manager has been convicted of 14 federal charges alleging he made a fortune off insider trades.

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Raj Rajaratnam co-founder of the Galleon Group hedge fund.

Sri Lankan-born Rajaratnam now faces 25 years in prison.

A Manhattan jury reached its verdict Wednesday. It had been deliberating since April 25.

Federal authorities had called the insider trading case against Raj Rajaratnam the biggest ever involving a hedge fund.

The case centered on the testimony of cooperators and secretly recorded phone calls. Rajaratnam could be heard on calls talking to what prosecutors called his "corporate spies" about earnings and mergers. » Read More