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Raj Rajaratnam's Goose Is Apparently Cooked

Loses Bid to Overturn Verdict

Billionaire hedge fund trader Raj Rajaratnam, 54, convicted of making millions on insider trades, lost a bid Tuesday to have his 14-count conviction for securities fraud and conspiracy overturned.

His lawyers claimed the evidence presented at trial was insufficient for a conviction although Raj was caught in flagrante delicto trading on insider tips by government wiretaps. The judge in a 49-page opinion disagreed, finding that any "reasonable jury" would have found him guilty.

Rajaratnam is supposed to be sentenced September 27. The prosecution is asking for a stiff 19-and-a-half to 24-and-a-half years sentence. Whatever he draws he's expected to appeal. His lawyers claim he is sick and will die in prison if he pulls a long stretch. Rajaratnam and his circle trafficked mostly in brand name high-tech stocks and the corruption ran up to the top of IBM.

Raj's confederate Danielle Chiesi recently drew two-and-a-half years.

He is supposed to have made almost $64 million over seven years.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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