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Jury Convicts Wall Street Billionaire In $60M Fraud Scheme

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TWC News: Jury Convicts Wall Street Billionaire In $60M Fraud Scheme
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A former Wall Street titan was convicted on 14 federal charges Wednesday, in what authorities called the biggest insider trading case ever involving a hedge fund.

Authorities say billionaire Raj Rajaratnam used inside tips from so-called "corporate spies" to gain an edge on trades that made his company Galleon Group more than $60 million in profits.

The jury reached its verdict after deliberating since April 25.

Prosecutors based their case on testimony from witnesses and recorded phone calls.

In the tapes, he could be heard conspiring with corporate executives and consultants. His attorneys say he only relied on legitimate research and analysis.

The conviction includes five conspiracy counts and nine securities fraud charges.

More than two dozen other suspects have been charged in connection with the case.

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