Jury deliberations in the insider trading trial of Raj Rajaratnam have made headlines just for dragging on so long. But today a verdict has been reached at last, with the 12 jurors finding him guilty on all 14 counts of conspiracy and securities fraud.
The Sri-Lankan born, Wharton-educated Rajaratnam, who founded the Galleon Group hedge fund, was arrested for insider trading in 2009. He faces 25 years in prison for profiting from tips he received from Wharton colleagues including Intel managing director Rajiv Goel and McKinsey director Anil Kumar, both of whom have also pleaded guilty to insider trading and testified Rajaratnam's trial.
Rajartatnam made about $63.8 million trading shares of companies such as Google, Intel, and Hilton Hotels. Part of the scandal surrounding his ill-gotten gains comes from reports that he donated millions of dollars to the Tamil Tigers, a Sri-Lankan separatist group that waged a military campaign against the government there until it was defeated in a 2009 military crackdown.
Since the jurors began deliberations, a series of mishaps has disrupted the process, including a mysterious foot infection that sidelined Rajaratnam for a few days earlier this month, and a juror who was dismissed to undergo a medical procedure.