May 11, 2011: New York City
Former hedge fund founder Raj Rajaratnam leaves court after he was convicted on all counts of fraud and conspiracy in Wall Street's biggest insider trading trial for years, in New York, on May 11, 2011
Former hedge fund founder Raj Rajaratnam leaves court after he was convicted on all counts of fraud and conspiracy in Wall Street's biggest insider trading trial for years, in New York, on May 11, 2011 (Emmanuel Dunand / AFP-Getty Images)
A verdict, finally, after 12 days of deliberations by a jury in lower Manhattan: Raj Rajaratnam, the billionaire hedge-fund manager, is found guilty on all 14 counts of securities fraud and conspiracy. The sweeping decision puts an end to the biggest insider-trading case in a generation, which came to embody the craven excess of the current era on Wall Street. Rajaratnam liked telling people that his first name meant “king” in his native language. His Highness now faces up to 25 years in prison. Said Preet Bharara, the U.S. attorney for Manhattan, after the verdict, “Like so many others recently, he let greed and corruption cause his undoing.”
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