Defense rests in Rajaratnam insider trading case

Reuters News
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Posted: Apr 18, 2011 2:18 PM

NEW YORK (Reuters) - Lawyers for Raj Rajaratnam on Monday rested their case for the defense in the federal trial accusing the Galleon Group LLC founder of insider trading.

Rajaratnam did not take the stand in his defense at the trial, which began six weeks ago.

Prosecutors have accused the one-time billionaire of making as much as $63.8 million of illegal profit from stock trades based on tips from insiders, including highly placed executives.

Closing arguments are expected to begin later this week. The jury would begin deliberations thereafter.

(Reporting by Jonathan Stempel. Editing by Robert MacMillan)