Raj Rajaratnam, the billionaire founder of the hedge fund Galleon Group, was convicted Wednesday on all 14 counts of insider trading. The federal jury reached its verdict on nine counts of securities fraud and five of conspiracy on its twelfth day of deliberations.
Reuters reported that during the two-month trial, prosecutors argued that Rajaratnam had cheated, using an unfair advantage in the stock market and amassing $63.8 million in illegal profits while defense attorneys claimed his trades were influenced not by insider information but by a body of research and public information.