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26. Rajaratnam Words Prove Guilt, U.S. Says at Trial’s End

Tue Jul 8, 2014, 06:33 AM

Jul 2014

http://www.bloomberg.com/news/2014-07-07/rengan-rajaratnam-s-own-words-prove-guilt-u-s-says.html

Former hedge-fund manager Rengan Rajaratnam’s own words prove he conspired with his brother, imprisoned Galleon Group LLC co-founder Raj Rajaratnam, to commit insider trading, a prosecutor told jurors on the eve of deliberations.

Assistant U.S. Attorney Randall Jackson today cited secretly recorded calls between the two brothers in which Rengan refers to an alleged supplier of inside information as a “scumbag” and says the tipper was “a little bit dirty” as evidence of their scheme to milk sources for illegal information.

“Why is he referring to him as a ‘scumbag’?” Jackson asked the jury. “That’s not the kind of comment you have when you’re talking to someone about normal business.”

Rengan Rajaratnam, 43, is accused of conspiring with his brother to get nonpublic information in 2008 to trade ahead of deals involving Advanced Micro Devices Inc. (AMD) and Clearwire Corp. Raj Rajaratnam was convicted of insider trading in 2011 and is serving an 11-year prison term.

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