Jury hears tapes again at NY insider trading trial

AP News
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Posted: Apr 27, 2011 6:01 PM
Jury hears tapes again at NY insider trading trial

A New York City jury in the biggest insider trading case in the hedge fund world has ended its third day of deliberations without a verdict.

For the second day in a row, jurors asked Wednesday to listen to secretly recorded phone calls of hedge fund manager Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm) and other Wall Street insiders talking about a deal involving the Clearwire wireless company.

Prosecutors at the Manhattan trial say the wiretaps prove the Galleon Group chief made tens of millions of dollars by trading on inside tips about earnings and mergers.

Lawyers for the Sri Lanka-born Rajaratnam argue he relied on open sources for his decisions.

He's the only defendant to go to trial so far. Twenty-one others have pleaded guilty.

The jury resumes deliberating Thursday.