The impact of the insider-trading prosecution of Raj Rajaratnam will be seismic. The verdict is significant, to be sure, but the prosecutors’ method of assembling the evidence in the case will be the most lasting legacy — in particular, the use of wiretaps to prove criminal intent with devastating clarity.
Southern District of New York prosecutors are rightfully savoring the jury’s verdict. They presented a powerful case over several weeks that withstood a full-throated defense by a team of talented lawyers. The wiretap evidence proved to be irrefutable. And, make no mistake, there has to be something especially sweet to them about 12 people unanimously endorsing their view of the evidence — beyond a reasonable doubt — in the face of a wealthy defendant’s continued (if implausible) protestations of innocence.
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