New York (HedgeCo.net) – The date has been set for hedge fund founder Raj Rajaratnam’s criminal suit. New York Judge Richard Holwell has delayed it till Oct. 25, 2010. “Ensuring a full opportunity for both sides to litigate all the issues,” the court document read.
Prosecutors said the hedge fund manager would have an unfair advantage if a civil trial by market regulators went ahead before a criminal trial, Reuters reported. However, the Galleon team won the right to postpone the trial. The civil lawsuit is scheduled for August 2, 2010.
Rajaratnam is being accused of insider trading and securities fraud, generating as much as $49 million in profit.
Reuters says 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.
Rajaratnam could face a sentence of up to 185 years, if convicted.
Editor for HedgeCo.net