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Wednesday
May112011

Former Hedge Fund Manager Guilty in Massive Insider Trading Scheme

Brand X Pictures/Thinkstock(NEW YORK) -- A jury in New York has found a hedge fund manager guilty of securities fraud and conspiracy in a case the U.S. Justice Department held up as an example of holding Wall Street accountable.

Raj Rajaratnam traded on corporate secrets and became a multi-millionaire doing it. His attorneys argued that his success was based on analysis and public information, but jurors believed Rajaratnam traded on non-public information that came from people who should not have disclosed it.

He now faces 25 years in prison.

Twenty-one other people have pleaded guilty in what prosecutors have said is the largest insider trading case ever.

Copyright 2011 ABC News Radio

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