NEW YORK — Federal prosecutors rested their case against Galleon Group co-founder Raj Rajaratnam after presenting wiretaps and witness testimony in a bid to show his hedge fund made millions through insider trading.
On Wednesday, U.S. District Judge Richard Holwell dismissed the jury until Monday. Afterward, the defense asked Holwell to throw out the case. Barring a dismissal by the judge, the defense will present its case next. Rajaratnam, 53, hasn’t said whether he will take the witness stand.
In cross-examining government witnesses, Rajaratnam’s lawyers attempted to show their client traded on a “mosaic” of publicly available information, not insider tips.
“His best chance of being acquitted . . . is to continue presenting his mosaic defense,” said Andrew Stoltmann, a Chicago lawyer who represents investors in securities litigation.
