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May 2011 Archives

Conviction of Raj Rajaratnam Only the Beginning

On May 11, a jury in Manhattan found Raj Rajaratnam, billionaire founder of the Galleon Group, guilty on 14 counts of securities fraud and conspiracy. Rajaratnam acquired confidential stock tips from insiders at publically traded companies, which allowed him to avoid losses and turn profits totaling $63.8 million. He has vowed to appeal his conviction.

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