Tuesday, December 22, 2009

Rajaratnam and Chiesi Plead Not Guilty In Hedge Fund Fraud Case

Accused fraudster, Raj Rajaratnam and executive at New Castle Funds LLC. Danielle Chiesi appeared in Manhattan federal court to plead not guilty to insider trading, conspiracy and securities fraud, reports HedgeCo.net.

Bloomberg reports that the two appeared in Manhattan federal court today to plead not guilty in an insider trading case that allegedly generated more than $20 million in illegal profits. They were arrested in October and indicted on Dec. 15. Prosecutors cite multiple schemes dating to 2003 and say the two used secret tips to trade in stocks including Polycom Inc., Akamai Technologies Inc., Google Inc. and International Business Machines Corp.

Learn more: Raj Rajaratnam, Chiesi Deny Insider Trading Charges

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