Jury selection starts in NY insider trading trial

AP News
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Posted: Mar 08, 2011 11:07 AM
Jury selection starts in NY insider trading trial

Jury selection has begun in the New York City trial of a once-powerful hedge fund boss accused of making more than $50 million by trading secret information in the stock market.

Raj Rajaratnam (rah-juh-RUHT'-nuhm) was introduced Tuesday to prospective jurors.

The one-time billionaire sat atop the hedge fund world until he was arrested on federal charges. He has pleaded not guilty.

The jury is expected to hear dozens of secretly taped conversations between the founder of the Galleon Group and partners in the hedge fund industry.

Rajaratnam, of New York City, has remained free on $100 million bail since his October 2009 arrest.

Authorities brought charges against two dozen others in the probe. Nineteen have pleaded guilty.