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Rajaratnam Pleads Not Guilty; Trial Set for October

An October trial date in New York has been set for a wealthy financier charged in what prosecutors call history's largest hedge fund insider trading case.

Raj Rajaratnam
cnbc.com
Raj Rajaratnam

Federal Judge Richard Holwell Wednesday set an Oct. 25 date for Raj Rajaratnam to be tried.

The founder of New York-based Galleon Group, described as one of the wealthiest men in the U.S., entered a not guilty plea to an updated indictment released by prosecutors last week.

The indictment accuses the Sri Lankan-born defendant of making up to $45 million from trades based on secrets. A prosecutor has said that total may top $50 million.

Rajaratnam denies wrongdoing.

If convicted, he could face a prison sentence of up to 185 years.