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NEW YORK — Lawyers for Raj Rajaratnam, the Galleon Group co-founder found guilty May 11 in the largest insider-trading prosecution in a generation, asked the federal judge in the case to overturn the jury’s verdicts.
Rajaratnam’s lawyers moved for acquittal twice during the trial in April. U.S. Judge Richard Holwell reserved judgment on those motions. The renewed motion was filed Wednesday in federal court.
Rajaratnam, 53, was found guilty of all 14 counts against him and faces 15 1/2 years to 19 1/2 years in prison when he’s sentenced July 29. His lawyers argued that the government “encouraged the jury to engage in rank speculation.”
