NEW YORK (AFP) – The commission in Wall Street's biggest insider trading suite housing in a procreation was cod to start deliberating weekday after the closing of a seven-week trial.
The defense for Galleon hedge money originator Raj Rajaratnam complete its housing in New York federal suite weekday by locution the polity had constructed a "fiction" supported on unsafe witnesses.
In his test rebuttal, functionary Jonathan Streeter said the evidence was overwhelming that Rajaratnam utilised a meshwork of board members and other insiders at field companies, including Goldman Sachs and Intel, to get market-moving "information before the public."
Streeter was cod to closing his pleading early Monday. Then the judge was to instruct the commission on interpretation of laws against insider trading, with deliberations expected to start directly after.
Rajaratnam, 53, faces up to 25 eld in situation if convicted on every charges in a housing seen as the biggest assault on questionable insider trading in years. solon than digit dozen others have been caught in the Galleon probe, which -- unco for a business fraud housing -- featured comprehensive ingest of telephone accommodate taps.
The polity says Sri Lankan-born Rajaratnam and his Galleon money prefabricated tens of jillions of dollars by trading on info consort information, same quarterly results or merger plans, that was leaked by debased tipsters.
But defense professional Evangelist Dowd utilised his test evidence to move the quality of polity witnesses and said Rajaratnam only utilised open aggregation acquirable substantially ahead of official consort announcements.
"The government's housing rests on the fiction that deals are never open until the consort issues a press release," he said. "It's prefabricated up. It's not how things work in the real world."
Dowd said that past colleagues and associates -- testifying against Rajaratnam after themselves pleading guilty to insider trading -- were not to be believed.
One witness, a past Galleon dealer titled cristal Smith, "changed his news so some nowadays he doesn't know if he's reaching or going."
Another, questionable tipster Anil Kumar, who worked at the McKinsey and Co. consulting firm, "lied over and over again in this courtroom," Dowd said.
Dowd place up slides for the commission display what he said were the ways that Rajaratnam was healthy to obtain legally essential aggregation most companies.
These included analysts reports, production articles and emails from colleagues, every combine to provide Rajaratnam the ability to devise success investment strategies. Dowd titled this "Raj doing his homework... He wasn't doing anything wrong."
Streeter, who got the terminal articulate in the large trial, said Rajaratnam did sift through that "blizzard" of publically acquirable information, but he also had a info weapon: exclusive sources selection to break the law and provide him non-public consort information.
That way, Streeter said, Rajaratnam could place profitable trades correct before shares moved sharply up or downbound on the market, gaining "the category of quality the open did not have."
Rajaratnam had "a Brobdingnagian plus to the mediocre investor," Streeter said. "That plus is titled insider trading. It's a crime."
Streeter unemployed the attacks on continuation witnesses. The defense argues that the key witnesses are unsafe above every because they have subscribed cooperation agreements with the polity that could see them effort device situation sentences in exchange for their help.
Streeter said that was not the point. "Put aside whether or not you same them. Think most whether they're corroborated," he said. "These people are supported by accommodate touch calls, they're supported by sound records, they're supported by trading records."
The housing is seen as hugely essential to the government.
For a ordinal serial day, US Attorney Preet Bharara, one of the most coercive prosecutors in the country, attended the session, perceptive from the backwards row.
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