Indian American hedge fund guru Rajaratnam pleads not guilty

New York, Dec. 22 (ANI): Billionaire Indian American hedge fund guru Raj Rajaratnam has pleaded not guilty to federal charges that he used inside information to cash in on millions of dollars in stock trades.

The Galleon Group founder was indicted last week along with Danielle Chiesi, a hedge fund manager, who is accused of partnering with Rajaratnam in one of the largest insider trading cases in Wall Street history, reports the New York Post.

According to prosecutors, the pair amassed over 20 million dollars in illegal profits by trading tips over several years among a network of high-ranking executives.

Rajaratnam, 52, and Chiesi, 44 were snared in a federal crackdown on insider trading that began two years ago. Authorities used wiretaps and researched data to build their case.

Authorities said they benefited from confidential information obtained on some of the nation's best-known companies, including Google.

Prosecutors are pushing for a trial in June or July, but defense lawyers are requesting more time to go through hundreds of hours of taped telephone conversations.

Rajaratnam faces as much as 145 years in prison, while Chiesi could face 155 years in prison. The feds are also seeking the forfeiture of the 20.8 million dollar profit generated from the trades.

Both suspects, who live in New York, are free on bail. Rajaratnam has asked that his 100 million dollar bail be reduced to 25 million dollars. (ANI)