Bloomberg News

Rajaratnam Request for Acquittal Should Be Denied, U.S. Says

June 23, 2011

(Updates with prosecutors’ argument in second paragraph.)

June 23 (Bloomberg) -- Raj Rajaratnam’s request to be acquitted, after he was found guilty at trial in the largest insider-trading prosecution in a generation, should be denied, U.S. prosecutors said.

“The evidence against Rajaratnam at trial was overwhelming,” Justice Department lawyers said in a filing today in federal court in Manhattan. “The jury heard devastating evidence of Rajaratnam orchestrating numerous insider-trading crimes and instructing others how to cover them up in his own voice in multiple recorded conversations.”

Rajaratnam, 54, was found guilty May 11 of all 14 counts against him. The Galleon Group LLC co-founder faces as long as 19 1/2 years in prison. His lawyers last month asked the judge to set aside the verdict, saying the evidence against him was non-existent or so meager that no reasonable jury could have found him guilty beyond a reasonable doubt.

John Dowd, a lawyer for Rajaratnam, didn’t immediately return a call to his office seeking comment after regular business hours.

The case is U.S. v. Rajaratnam, 09-01184, U.S. District Court, Southern District of New York (Manhattan).

--Editors: Peter Blumberg, Michael Hytha

To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net


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