A Sri Lankan fund manager has been convicted of insider trading

Hedge fund manager Raj Rajaratnam was recorded getting inside information from hired experts. After the jury heard the wiretapped conversations, they convicted him of all 14 counts of insider trading and conspiracy. Rajaratnam had maintained that the trades he made for the Galleon Group, which once managed as much as $7 billion, resulted from a “mosaic” of publicly available information. However, the jury, which convicted him of 9 counts of insider trading and 5 counts of conspiracy, listened to FBI wiretaps of Rajaratnam receiving information from corporate insiders, including a director of Goldman Sachs. The Sri Lankan native is expected to appeal the legality of the wiretaps. He is free on $100 million in bail and must wear an electronic monitoring device around his ankle.