New York (HedgeCo.net) – Reuters reports that Galleon hedge fund founder Raj Rajaratnam and co-defendant Danielle Chiesi are asking more details of the purportedly illegal trades they are charged with, as well as separate trials.
Rajaratnam and Chiesi are alleged to have made $49 million in illegal profits, and are accused of insider trading and securities fraud. The majority of the stocks are in technology, including, IBM, Intel, Akamai Technologies Inc, Polycom Inc, Hilton Hotels Corp, Google Inc, Sun Microsystems Inc SUNW.TI, Clearwire Corp, Advanced Micro Devices, ATI Technologies Inc and eBay Inc.
Both Rajaratnam and Chiesi, have pleaded not guilty to all charges, they are the principal defendants in a case in which 11 of the 21 accused have pleaded guilty to securities fraud and conspiracy charges.
“It’s been heralded as the biggest hedge fund insider trading case in history and yet we don’t have the trades,” Robert Hotz, a lawyer for Rajaratnam, told Manhattan federal court Judge Richard Holwell during a two-hour oral argument attended by Rajaratnam and Chiesi, according to Reuters.
They are scheduled to go on trial on October 25. The judge reserved ruling on defense requests for more details on the charges, a request to drop certain charges and to order separate trials for Rajaratnam and Chiesi, Reuters said.
Alex Akesson
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