April 22 (Bloomberg) - the lawyer of the co-founder of Galleon Group LLC Raj Rajaratnam accused prosecutors U.S. life to a "hypocrisy" and "imaginary world"of the publicly available information on pending deals "do not exist." ""
John Dowd, in the second day of closing arguments in the trial of Rajaratnam Insider-trade, taken yesterday jurors in the Federal Court Manhattan through weeks of evidence to show that his client was not guilty of fraud conspiracy or securities. His recurring theme was that the information has argued the Government was secret was public knowledge really. "It was public, Dowd said repeatedly through a summons almost 5 1/2 hours. "You must acquit."Dowd, for example, said that Rajaratnam traded on information about a takeover pending of ATI Technologies Inc. by Advanced Micro Devices Inc. because Hector Ruiz, the chief executive officer of AMD at the time, said analysts on Wall Street on this subject. Prosecutors say Rajaratnam was tipped by Anil Kumar, a former partner at McKinsey & Co., where Sunnyvale, California - based AMD was a client".Word had already obtained, "said Dowd. "Hector was talking about it."Summation of Dowd entered the seventh week of a trial that could send Rajaratnam, 53, in prison for 20 years in the largest U.S. repression initiated Fund hedge. Rajaratnam is accused of $ 63.8 million of Councils disclosed by insiders and traders from hedge funds on a dozen stocks, including Goldman Sachs Group Inc., Intel Corp., Clearwire Corp., and Akamai Technologies Inc. 'Ride' free Unlike the summons 20 April by Assistant U.S. Attorney Reed Brodskywhich occasionally crept in the hearing room while arguing in an enthusiastic tone, Dowd is more deliberate as it stood at a podium, a script reading. It is not less zealous.From the, he attacked the Government claim on listening to conversations between Kumar and Rajaratnam showed Kumar tipped Rajaratnam on upcoming EBay Inc. Dowd cups work say that the news had been widely reported before in the media. "" This is a perfect example of why you cannot listen to wiretap, in a vacuum "Dowd said. "Kumar could not find the size of the layoff, he had not read the newspaper."Dowd assailed Kumar and ex-galion trader Adam Smith thieving who received a "free ride" of prosecutors in return for testimony incriminating Rajaratnam. "Liar' worst Kumar lied to conceal its crimes of tax and Smith manufactured evidence, so it would not be sent to prison for 25 years, Dowd said. Former Intel Executive Rajiv Goel, another witness of the Government who pleaded guilty and cooperated, Dowd said he was "the worst liar forever take the position in a courtroom in this building."At the end of its argument, Dowd took jurors by allegations that Rajaratnam obtained advice on stocks of about 20 of eight insiders, retailers or other. He said that the information was either public or non-material research Galleon sustained the Rajaratnam trades or that jurors should not condemn because the Government witnesses recall what they have said Rajaratnam.That Rajaratnam lost millions of dollars trading on AMD in 2008 mined the application he had in renseignementsDowd said. "It is probably the first case of trafficking of insiders in history where the Government said the defendant lost $ 67 million,"he says.Faithful DirectorDowd examined a record in July 2008 member of the then-Goldman Sachs Rajat Gupta Rajaratnam telling deliberations of the Council of the Bank. Rajaratnam, who was should meet Goldman Sachs President Gary Cohn in the coming days, did not trade on the information. Dowd said that the registration is nothing more than Gupta help Rajaratnam prepare for an important meeting. "It shows Gupta is a loyal Director and head of Goldman Sachs," said Dowd.Dowd reminded the jury that counsel has not call as witnesses Gupta or other sources alleged of boards, including the ex-commer?ants Danielle Chiesi and spacious Khan. " Rajaratnam is deemed to have conspired with the two women, who pleaded guilty to insider trading.Dowd repeatedly attacked the Government's case, calling him a "sham", an "Act of faith" and "desperate." He described as intercepted calls that the jurors heard speak of Chiesi and Rajaratnam as two portfolio managers speak. ' Nothing Wrong' "Nothing wrong with it", said. "Which comes every day on Wall Street."On rebuttal, Assistant U.S. Attorney Jonathan Streeter told jurors that Rajaratnam was a multi-billion dollar hedge fund manager and a graduate of a U.S. business school top of the page, the Wharton School of the University of Pennsylvania. "Naturally" Streeter Rajaratnam knew that it was illegal to trade on the word ahead to win business, said.The judge is likely to instruct the jury on the law on April 25, and the jury will then begin to deliberate.Rajaratnam is charged with five counts of conspiracy and nine counts of securities fraud. The counts of conspiracy carry a maximum penalty of imprisonment of five years and the counts of fraud carry a maximum of 20 years.The case is U.S. v. Rajaratnam, 1: 09-cr-01184, U.S. District Court, Southern District of New York (Manhattan).-Editors: Andrew Dunn, Mary Romano
To contact the reporters on this story: David Glovin Federal Court in Manhattan to glovin@bloomberg.net; Patricia Hurtado in the Federal Court in Manhattan to phurtado@bloomberg.net; Bob Van Voris in Federal Court in Manhattan to the rvanvoris@bloomberg.net
To contact the editor responsible for this story: Michael Hytha to the mhytha@bloomberg.net
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