<p>Laying out his case against Sri Lankan American billionaire hedge fund founder Rajaratnam, Assistant US Attorney Jonathan Streeter told a Manhattan court Wednesday the Wharton Business school graduate "exploited a corrupt network of people" for his own illicit gain.<br />Streeter cited wiretaps the government was able to obtain in 2008 to build its case.<br /><br />Rajaratnam is charged with 14 counts of conspiracy and securities fraud. The government alleges he made $45 million from insider trading tips and conspired with others, including employees at Galleon, board presidents and consultants.<br /><br />A jury of seven women and five men has been seated for the trial, which is expected to last 10 weeks. Rajaratnam could face 20 years in jail if convicted.<br /><br />It took Streeter about an hour to run through the names of witnesses who will testify against Raj, who have "already pleaded guilty to insider trading".<br />Judge Richard Holwell's courtroom was overflowing with guests and media, causing two overflow rooms to be opened up.<br /><br />Defence attorney John Dowd in turn went through almost every charge against his client, saying, "He is not guilty; he only traded on expert information."<br /><br />Dowd said the government has it "wrong, and they want you to believe the words of the unbelievable".<br /><br />He attacked the credibility of the presumed government witnesses, noting that each one faces 25 years in prison.<br /><br />"They are on a leash," Dowd said. "The prosecution holds the keys to the jailhouse."</p>
<p>Laying out his case against Sri Lankan American billionaire hedge fund founder Rajaratnam, Assistant US Attorney Jonathan Streeter told a Manhattan court Wednesday the Wharton Business school graduate "exploited a corrupt network of people" for his own illicit gain.<br />Streeter cited wiretaps the government was able to obtain in 2008 to build its case.<br /><br />Rajaratnam is charged with 14 counts of conspiracy and securities fraud. The government alleges he made $45 million from insider trading tips and conspired with others, including employees at Galleon, board presidents and consultants.<br /><br />A jury of seven women and five men has been seated for the trial, which is expected to last 10 weeks. Rajaratnam could face 20 years in jail if convicted.<br /><br />It took Streeter about an hour to run through the names of witnesses who will testify against Raj, who have "already pleaded guilty to insider trading".<br />Judge Richard Holwell's courtroom was overflowing with guests and media, causing two overflow rooms to be opened up.<br /><br />Defence attorney John Dowd in turn went through almost every charge against his client, saying, "He is not guilty; he only traded on expert information."<br /><br />Dowd said the government has it "wrong, and they want you to believe the words of the unbelievable".<br /><br />He attacked the credibility of the presumed government witnesses, noting that each one faces 25 years in prison.<br /><br />"They are on a leash," Dowd said. "The prosecution holds the keys to the jailhouse."</p>