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REUTERS

May be more defendants in Galleon case - SEC lawyer
2009-11-04 22:40:00

May be more defendants in Galleon case - SEC lawyer
Galleon hedge fund partner Raj Rajaratnam is escorted by FBI agents after b...

There is "a real possibility" of additional defendants in the insider trading case against the Galleon hedge fund, its founder Raj Rajaratnam and others, a lawyer for the U.S. Securities and Exchange Commission said on Wednesday.

The lawyer, Valerie Ann Szczepanik, made the comments during a hearing at Manhattan federal court.

U.S. Judge Jed Rakoff turned down a joint proposal by the SEC and defense lawyers to put the civil case on hold for 90 days to obtain and review electronic surveillance material and set a new trial date of Aug. 2.

(Reporting by Grant McCool, Writing by Caroline Humer, Editing by Gerald E. McCormick)
 
 
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