The Federal District Judge assigned to the civil trial of Galleon hedge fund founder Raj Rajartnam has elected to reserve a ruling on the case. Judge Jed S. Rakoff pushed the trial back to Oct. 25, on requests for a criminal trial to take precedence.
The Securities and Exchange Commission and prosecutors supported the decision all agreed to the decision to push back the trial for what’s being called the largest hedge-fund insider trading occurrence in history. 20 plus executives and traders from New York and California have been charged in the investigation.
The 52-year-old Rajaratnam, will go on trial on criminal charges alongside former New Castle investment banker Danielle Chiesi before judge Richard J. Holwell. Rajaratnam allegedly acquired close to $50 million in illegal trading dollars in the 6-year scandal that spanned from 2003-2009.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription
