NY insider trading trial goes on without defendant

AP News
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Posted: May 02, 2011 5:50 PM
NY insider trading trial goes on without defendant

A jury in a high-profile New York City insider trading trial has finished another day of deliberations without a verdict.

The Manhattan jury has deliberated over six days in the case of Sri Lanka-born hedge fund manager Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm), who was absent from court Monday after undergoing surgery for a foot infection.

A defense statement says Rajaratnam waived his right to be present and hopes to return this week. The judge instructed the jury not to read anything into his absence.

Prosecutors say wiretaps prove the 53-year-old Galleon Group chief made tens of millions of dollars by trading on inside tips.

Defense lawyers argue he relied on public information and complex analysis for his decisions.

The jury is to have a day off Tuesday and get back to deliberations Wednesday.