Raj Rajaratnam, the hedge fund billionaire, has been found guilty of insider trading, handing the US government a significant victory as it expands its prosecution of wrongdoing on Wall Street.
After 12 days of deliberation, the jury of eight women and four men issued their verdict on Wednesday, convicting the former head of Galleon Group on all 14 counts of securities fraud and conspiracy. He was found guilty of making $63m by trading after learning secrets about earnings announcements and corporate takeovers before they were announced.
Mr Rajaratnam faces up to 19½ years in prison when he is sentenced on July 29. He sat motionless between his two lawyers as the verdict was read, wearing a stunned expression.
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