February 17, 2010
October NY trial date set for hedge fund operator
The Associated PressAn October trial date in New York has been set for a wealthy financier charged in what prosecutors call history's largest hedge fund insider trading case.
Federal Judge Richard Holwell Wednesday set an Oct. 25 date for Raj Rajaratnam (RAHJ rah-juh-RUHT'-nuhm) to be tried.
The founder of New York based Galleon Group entered a not guilty plea to an updated indictment released by prosecutors last week.
The indictment accuses the Sri Lankan-born defendant of making up to $45 million from trades based on secrets. A prosecutor has said that total may top $50 million.
Rajaratnam denies wrongdoing.
If convicted, he could face a prison sentence of up to 185 years.