Raj Rajaratnam, co-founder of the Galleon Group LLC hedge fund, relied on newspaper articles, research reports and his company’s own analysis for information to make stock trades, not insider tips, his lawyer said at the opening of his criminal trial.
On Wednesday a prosecutor accused Rajaratnam of “greed” and said he “exploited a corrupt network of people” to earn millions of dollars in illegal profits. Among Rajaratnam’s sources were Rajat Gupta, a former managing partner at McKinsey & Co. and a former Goldman Sachs Group Inc. board member, prosecutors said.
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