Bail Hearing For Hedge Fund Founder Raj Rajaratnam
The three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan did not indicate at Wednesday's hearing which way it was leaning in the question over Raj Rajaratnam's freedom.
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The three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan did not indicate at Wednesday's hearing which way it was leaning in the question over Raj Rajaratnam's freedom.
The Galleon Group founder also was fined $10 million. U.S. District Judge Richard J. Holwell announced the sentence after concluding that Rajaratnam made well over $50 million in profits from his illegal trades.
If federal prosecutors have their way, Rajaratnam will get between 19 1/2 and 24 1/2 years in prison for what they say were more than $72 million in profits for himself and his Galleon Group of hedge funds.
Judge Richard Holwell said he wanted to send a warning to Wall Street; but he still gave Chiesi less than the 3 to 4 years that prosecutors had sought.
Hedge fund manager Danielle Chiesi will be sentenced next week after pleading guilty in what prosecutors have said was the biggest hedge fund insider trading probe in history.
The jury that returned a guilty verdict to all charges against a one-time billionaire hedge fund founder proved to have a voracious appetite for the audiotapes of him talking to fellow traders and friends at public companies about stocks he wanted to trade.
A former Wall Street titan was convicted Wednesday of making a fortune by coaxing a crew of corporate tipsters to give him an illegal edge on blockbuster trades in technology and other stocks.
The judge let jurors leave early on Friday. It was their fifth day of weighing the fate of the hedge fund manager.
One-time billionaire Raj Rajaratnam listened quietly as prosecutors have labeled him a Wall Street cheater. His own lawyers insist he acted honorably. A jury will be left to decide who's right.
A Wall Street hedge fund manager bragged in a 2008 conference call about making a massive illegal trade only moments before the market closed, according to prosecutors.
Adam Smith said Tuesday that Raj Rajaratnam's Galleon firm used the information to "get an edge" on massive trades.
Rajaratnam was accused at the federal trial of teaming up with workers in the hedge fund industry and employees of public companies to share inside information.
Prosecutors said Rajiv Goel and the defendant, Raj Rajaratnam, were caught on a wiretap discussing a closed-door meeting in 2008 of the Intel board of directors.
The trial was set to resume Monday in Manhattan federal court for Galleon Group founder Raj Rajaratnam. He's the only one of more than two dozen people charged in the insider trading crackdown to face trial. Nineteen have pleaded guilty.
Rajaratnam was represented in court by seven lawyers as a pool of about 100 potential jurors was questioned by Holwell to make sure they had no personal history or biases that would interfere with their ability to judge the case fairly.
Raj Rajaratnam of New York City was to be introduced Tuesday to some of the prospective jurors in the pool available to hear the case.
A co-defendant of hedge fund operator Raj Rajaratnam pleaded guilty Wednesday to federal charges in a case that has led to an ever-widening probe of insider trading within the securities industry.
Governor Kathy Hochul is set to make an announcement Thursday about congestion pricing in New York City, her office said.
Nearly four dozen firefighters were deployed to battle a brush fire in the Inwood section of Manhattan on Wednesday.
Trump will nominate Florida Rep. Matt Gaetz to serve as attorney general, according to a social media post.
New Jersey has declared a drought warning as dry conditions continue, asking residents to conserve water voluntarily.
Firefighters are slowly making progress in their battle against a wildfire at the border of New Jersey and New York.
Governor Kathy Hochul is set to make an announcement Thursday about congestion pricing in New York City, her office said.
Nearly four dozen firefighters were deployed to battle a brush fire in the Inwood section of Manhattan on Wednesday.
Firefighters are slowly making progress in their battle against a wildfire at the border of New Jersey and New York.
A Rockville Centre police detective faces hate crime charges following an incident in Manorville, prosecutors said Wednesday.
Long Island volunteer firefighter Jonathan Quiles is accused of intentionally setting a brush fire in Medford, New York.
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New Jersey has declared a drought warning as dry conditions continue, asking residents to conserve water voluntarily.
Firefighters are slowly making progress in their battle against a wildfire at the border of New Jersey and New York.
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Gov. Phil Murphy and other state officials will hold another briefing Wednesday to discuss the possible drought warning status.
New York Gov. Kathy Hochul visited the site of a deadly 5,000-acre wildfire that's burning along the New York-New Jersey border Tuesday.
A Rockville Centre police detective faces hate crime charges following an incident in Manorville, prosecutors said Wednesday.
Long Island volunteer firefighter Jonathan Quiles is accused of intentionally setting a brush fire in Medford, New York.
Long Island leaders say they're hopeful that Donald Trump's pick for head of the EPA, former Rep. Lee Zeldin, will in fact protect the environment.
Gov. Kathy Hochul says she wants to reduce congestion pricing tolls, but her plan is being met by opposition to any tolling.
Gov. Kathy Hochul is moving forward with a plan to "unpause" congestion pricing by the end of the year, sources tell CBS News New York.
Trump will nominate Florida Rep. Matt Gaetz to serve as attorney general, according to a social media post.
Firefighters are slowly making progress in their battle against a wildfire at the border of New Jersey and New York.
President Biden and President-elect Donald Trump both promised a "smooth" transition.
Many migrants in New York City say they're facing fear and uncertainty since President-elect Donald Trump has vowed to deport millions of undocumented immigrants.
Trump in a statement said the two will work to "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."
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Gov. Kathy Hochul on Tuesday announced a $150 million investment in a new state-of-the-art cell and gene therapy hub to be built on Long Island.
Dozens of New York and New Jersey schools are impacted by a recall of meat and poultry products potentially contaminated with listeria.
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Mattel apologizes for inadvertently directing people to pornography site instead of one promoting upcoming film.
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Actor Tony Todd's TV and movie credits spanned 40 years and included the 1992 horror film "Candyman" and its 2021 sequel.
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The Jennings Creek blaze, which has been impacting Passaic and Orange counties, is now 30% contained, fire officials said. The New Jersey Forest Fire Service says thousands of acres have been burned and local road closures are still in place. CBS News New York's Christine Sloan reports.
CBS News New York's Doug Williams has the story from Inwood Hill Park in northern Manhattan.
President-elect Donald Trump met with President Joe Biden on Wednesday to discuss the transition of power as Republicans elected new leadership in the Senate. Trump also announced new Cabinet positions for Tulsi Gabard, Matt Gaetz and Marco Rubio. CBS News New York's Jessica Moore reports.
A volunteer firefighter on Long Island is accused of intentionally setting a brush fire in Medford, New York.
Biden started to make good on his promise of a peaceful transfer of power, hosting Trump in the Oval Office on Wednesday. CBS News New York's Jessica Moore has the latest on the meeting and how Trump's cabinet is taking shape.
