Hedge fund founder Raj Rajaratnam was found guilty on all 14 counts of fraud and conspiracy, making this the biggest insider trading conviction in Wall Street in years.
Rajaratnam, the head of the Galleon group was convicted by the New York Federal jury after deliberating for 12 days. His sentencing was set for July 29.

Many see this conviction as a turning point in the way Wall Street does business as this would encourage prosecutors to pursue more insider trading cases. A unique feature of this case is the extensive use of wire taps which are generally used in drug cases, where jurors listened to records of Rajaratnam’s conversations with his associates, getting confidential information and discussing trades using such information.

He was accused of earning $63.8 million from insider trading information from companies such as Goldman Sachs, Google, Intel and many others. He denied these charges insisting that were based on intense research of the market carried out by his analysts at Galleon.

At the height of his success in 2008 his net worth was assessed at $1.3 billion. Now he faces the possibility of spending almost 20 years in federal prison.