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May 12, 2011

Billionaire Hedge Fund Manager Convicted in Fraud, Conspiracy Case 
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A billionaire hedge fund manager has been convicted on 14 counts of
fraud and conspiracy in the largest insider trading case to come out of
the financial crisis. Using secretly recorded conversations and the
testimony of co-conspirators, prosecutors argued Raj Rajaratnam of
Galleon Management reaped profits by illegally tipping off associates.
Rajaratnam could face up to 25 years in prison. Defense attorney John
Dowd said he will appeal.

John Dowd: "Good afternoon. We are going to take an appeal from this
conviction. We started out with 37 stocks, we're down to 14. So the
score is 23-14 in favor of the defense. We'll see you in the second
circuit."



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