Alexa

Jury hears more tapes at NYC insider trading trial

Jury hears more tapes at NYC insider trading trial

Prosecutors at an insider trading trial in New York City say a hedge fund manager was caught on tape in 2008 discussing inside information about a major technology industry deal.
On Monday, jurors heard the recordings of Sri Lankan-born Raj Rajaratnam and a former Intel executive talking about a board of directors meeting. The executive told Rajaratnam that the board agreed to invest $1 billion in the deal _ information authorities say was highly confidential.
The 53-year-old Rajaratnam has pleaded not guilty to charges he made more than $50 billion dollars in illicit profits by trading on non-public information. Prosecutors call it the largest hedge fund insider trading case in history.
Nineteen other people have pleaded guilty. Some, including the Intel executive heard on tape on Monday, are cooperating with the government.