Sri Lanka-born billionaire Raj Rajaratnam, the main accused in one of the largest insider trading cases in the US which also involves several Indian-origin suspects, goes on trial this Tuesday and could face more than 20 years in prison if convicted.

The Galleon Group founder had told people close to him after his arrest months back that he intends to testify on his own behalf, ‘The Wall Street Journal’ reported.

Rajaratnam, whose legal team includes John Dowd and a nine-member team from Akin Gump Strauss Hauer & Feld LLP, could have a legal bill of $40 million, it quoted people familiar with the matter as saying.

Dowd, a 69-year-old former military lawyer, was described by a long time friend as someone having “a Marine’s view of combat and takes it to court with him.”

Rajaratnam, 53, has reportedly told associates he is confident he will win. He was told by entrepreneur Mark Cuban, who himself is battling the US authorities in a civil insider-trading case, “Just because the government says something doesn’t make it true.”

Rajaratnam maintains his innocence, even though those accused along with him have pleaded guilty, including two Indian-origin-Americans - former Intel executive Rajiv Goel and Anil Kumar, an ex-director at McKinsey & Co. Several other Indian-origin people have also been named as suspects in the case.

Rajaratnam has been charged with 14 counts of securities fraud and conspiracy. He could face a sentence of more than 20 years in prison. This is the first case to use authorised wiretaps.

Related Topics
comment COMMENT NOW