Raj Rajaratnam Found Guilty on 14 Counts
This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Good evening, I'm Saijal Patel and you're watching "Asia Market Daily".
Guilty. That's the verdict in the insider trading trial, of hedge fund founder Raj Rajaratnam. CNBC's Bertha Coombs filed this report from New York.
Bertha Coombs, CNBC:
After deliberating just over 5 days, the 4 man 8 woman jury returned a unanimous verdict against Galleon founder Raj Rajaratnam. And it was a huge win for the government. Guilty on 14 counts of fraud and conspiracy. Rajaratnam looked stoic in the courtroom as the court officer read out the verdict. Guilty ringing out 14 times. The only thing betraying his strength, his stress, an occasionally involuntary blink. A little bit of twitching in his leg. But other than that he sat silently and never said a word. Of course it was his own words that helped make the case. The government utilizing wire taps. Something normally used with mob cases and racketeering cases. For the first time used in an insider trading case, getting Rajaratnam and his colleagues talking about confidential information on stocks ranging from Intel to Google, and even Goldman Sachs at the height of the financial crisis. Rajaratnam's lawyer trying to put a good spin on it at the end. Vowing to appeal, saying that although they were convicted on 14 counts, there could've been more.
John Dowd, Lead lawyer for Rajaratnam:
We're going to take an appeal on this conviction. We started out with 37 stocks. We're down to 14 so the score is you know 23 14 in favour of the defense. We'll see in the second circuit. Thankyou.
Bertha Coombs, CNBC:
U.S. attorney Preet Bharara hailed the verdict. Saying unlawful insider trading cheats the ordinary investor and victimizes the companies whose information is stolen. He went on to say, it's an affront to the market. Raj Rajaratnam now will be confined to his home. Forced to wear an electronic monitoring bracelet. He is out on $100 million dollars bond. He will be back in court on July 29 for sentencing. Along the sentencing guidelines, he could get anywhere between 15 and a half to 19 and a half years or up to 25 years in prison. His attorney though is vowing to appeal. That's the situation here from the courthouse in lower Manhattan. I'm Bertha Coombs, back to you.
That wraps up today's "Asia Market Daily". I'm Saijal Patel from CNBC, thanks for watching.
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