Raj Rajaratnam’s legal team went head to head with prosecutors yesterday in a final effort to reduce the disgraced billionaire’s pending jail term after his conviction on insider-trading charges earlier this year, according to the NY Post.
During a two-hour hearing in Manhattan federal court, the Galleon Group founder’s defense team told judge Richard Holwell that their client only made $7.5 million on his illegal trading and that he never lied to the Securities and Exchange Commission in 2007.
A person close to the case said that if Rajaratnam is successful in convincing the judge to knock off these claims, his sentence could be reduced to only 6 1/2 years.
But prosecutors urged Holwell to give Rajaratnam up to 25 years when he is sentenced next Thursday. They argue he earned a whopping $72 million through his illegal trades, including the $63.8 million they accused him of during the trial and an another $8 million tied to trades in the Galleon Crossover fund, which they initially missed.
Read more: http://www.nypost.com/p/news/business/raj_last_stand_bZungXnD3uO8cmP4u0hCeK#ixzz1Zt5Lpbo3
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