NEW YORK (Reuters) - Raj Rajaratnam wanted "conquer the stock market at the expense of the Act", a U.S. Attorney said in closing arguments in trial Wednesday of insiders of the hedge fund manager.
But a lawyer for the founder of Galleon group replied in his summary that "restrictive Government is very unfair" and Rajaratnam acted legally in their search for information on investments on behalf of its clients.
As the trial of six weeks wound towards a conclusion, the voice of Rajaratnam rumbled on several occasions on speakers in a New York courtroom as Attorney Reed Brodsky replayed excerpts from FBI phone taps to remind the jury that the defendant timed his trade actionsSometimes a few seconds after having learned the company secrets.
"You have heard the defendant his crimes over and over again in his own words," Brodsky said to the jury in 4-1/2 hours to summarize the evidence of the Government that Rajaratnam is illicit, 63.8 million between 2003 and March 2009.
He said that the case, built in part in the trial testimony of three witnesses cooperants, shown "overwhelming" and "devastating" evidence of the guilt of Rajaratnam in the larger probe of the Government of the hedge fund Insider.
However, the Chief defence lawyer John Dowd said that the testimony of these witnesses was "unreliable and worthless." Dowd also said that the Government did not his case.
"The Government's case rests on the idea of fiction that company information can become public until a company issues a press release," Dowd said.
He also told the jury, "in the world real information may become public in a variety of ways." If it is public, you must acquit. ?
Rajaratnam, a one-time billionaire of 53 years, is the central figure in the radical Government U.S. probe of insiders to hedge funds, and the only defendant so far to go to trial. If convicted, he could face up to 25 years in prison.
Conviction, the Government must convince the jury beyond reasonable doubt that Rajaratnam has received nonpublic person information had a duty not to disclose such information, and that he knew that it was wrong to trade on it.
In the animated presentation of Brodsky, he sometimes raised his voice to focus on a point of a lectern directly opposite the jury. Dowd used a ton more devious, especially reading since the lectern.
The two men referred to the documents of evidence which were projected on screens in the courtroom.
Dowd talked for about an hour and is expected to continue his closing remarks Thursday. The jury could begin deliberations later in the day or on Monday. Court should not be in session on Friday, which is Friday.
GOLDMAN LEAKS
The defendant born to Sri Lankan faces charges of fraud and conspiracy of the securities relating to the secrets on the remuneration or procurement activity involving more than a dozen companies such as chipmakers Advanced Micro Devices Inc. (AMD).(N) and Intel Corp (INTC.)(O) and the research society Internet Google Inc. (GOOG).(O).
Brodsky, stated that Rajaratnam had attempted to conceal illegal trades with e-mail trails and purchasing habits and the sale of stocks.
"Trade regime of the defendant insider helped profits which have kept the Summit with a match to give the best of the ball and conquer the stock market at the expense of the Act," Brodsky said the 12 jurors and four alternates.
Rajaratnam sat expressionless, surrounded by at least 10 lawyers and some friends.
Brodsky, stated that Rajaratnam orchestrated several conspiracies to obtain advice, including one involving Rajat Gupta, a former Director General, worldwide Council McKinsey & Co who has also served on the Board of Goldman Sachs Group Inc. (GS)(N).
Recalling the testimony at the trial of Goldman Chief Executive Lloyd Blankfein, Brodsky said that Gupta reiterated repeatedly Rajaratnam on discussions of Privy Council of the Bank of Wall Street.
A few seconds of the "good news" hearing Gupta in September 2008, which proved a critical investment of $ 5 billion in Goldman by Berkshire Hathaway Inc. of Warren Buffett (BRKa.N) (BRKb.N), Rajaratnam purchased 217 000 shares of the Banksaid Brodsky.
Then, that October, he learned Gupta that Goldman would suffer its first quarterly loss as a public company, Brodsky said, and Rajaratnam has sold its shares of Goldman first thing the next morning. The loss became public in December.
"There is no other rational explanation for the timing of calls, the time of the trades," Brodsky said. "These calls tell all."
Brodsky also reminded jurors of the testimony of witnesses who admitted conspiring with Rajaratnam and Dowd responded by attacking their credibility. These witnesses included former partner of McKinsey Anil Kumar, former CEO of Intel Corp. Rajiv Goel and former Galleon Portfolio Manager Adam Smith.
Dowd said Kumar, Goel and Smith testified "because they were coerced by the Government" and sought "sweetheart deals on" when they are sentenced after pleading guilty to criminal charges.
The case is USA v Raj Rajaratnam et al., District Court of the United States for the Southern District of New York, no. 09 - 01184.
(Reported by Grant McCool and Jonathan Stempel; editing by Matthew Lewis and Tim Dobbyn)
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