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Landmark trial against Galleon founder begins
A US prosecutor told a jury that greed drove hedge fund manager Raj Rajaratnam to establish a corrupt network of people to trade on inside information and make millions in illegal profits, as the trial got under way in the biggest Wall Street insider trading case in a generation.
Sri Lankan-born Rajaratnam, 53, sat impassively as prosecutor Jonathan Streeter said the case was about “greed and corruption”.
In a trial expected to last two months, the jury will hear about corporate secrets, wiretaps and cooperating witnesses who are expected to testify about illicit stock tips allegedly fed to the Galleon Group founder
The US government accuses Rajaratnam of reaping $45m (£28m) illegally between 2003 and 2009.