New York (HedgeCo.net) – Galleon hedge fund founder Raj Rajaratnam and Danielle Chiesi, an executive at New Castle Funds LLC were indicted Tuesday on multiple counts of conspiracy and securities fraud.

“Mr. Rajaratnam is innocent and looks forward to his day in court when a jury of his fellow citizens will examine and evaluate all of the evidence,” his lawyer, John Dowd, said.   The indictment includes 17 counts of conspiracy and securities fraud and seeks to recover $20.8 million. Among the stocks they traded illegally were those of Google Inc., Advanced Micro Devices Inc. and Intel Corp., according to the indictment.

“We intend to plead not guilty and defend the case and hopefully at the end prove the client’s innocence,” Chiesi’s lawyer, Alan Kaufman, said in an interview with Bloomberg. A court hearing is scheduled in Manhattan, NY on Monday.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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