12:44 ET<\/span><\/span><\/p>\nProsecutors have been summing up their case in the major insider dealing trial which centres on hedge fund billionaire Raj Rajaratnam.<\/p>\n
They said he took advantage of friends and employees to make millions of dollars illegally from insider trading.<\/p>\n
The defence, which will be summing up later, say the alleged insider tips were common knowledge.<\/p>\n
Mr Rajaratnam was charged with 14 counts of securities fraud and conspiracy and denies all charges.<\/p>\n
The founder of the Galleon Group hedge fund faces as much as 25 years in prison if convicted.<\/p>\n
He is accused of making as much as $63.8m (\u00a339m) of illegal profit from 2003 to March 2009 by trading on tips from a network of highly-placed corporate insiders.<\/p>\n
The Assistant US Attorney, Reed Brodsky, told the jury in his closing argument on Wednesday: “The defendant knew tomorrow’s news today, and that meant big money.”<\/p>\n
He added that the defendant tried to “conquer the stock market at the expense of the law”, and that there was “overwhelming” evidence of his guilt.<\/p>\n
The court has heard dozens of secretly recorded phone calls.<\/p>\n
Mr Rajaratnam, who is 53, is the central figure in a sweeping US government probe of insider trading at hedge funds, and the only defendant so far to go on trial.<\/p>\n
Later on Wednesday, his defence lawyer will begin his closing arguments.<\/p>\n
The jury, sitting in a New York court, could start their deliberations as early as Thursday.<\/p>\n
In his summation, Mr Brodsky focused on testimony of Anil Kumar, a former McKinsey & Co partner who said Rajaratnam paid him $1.75m to provide tips.<\/p>\n
A former Intel executive, Rajiv Goel, also gave testimony saying that he passed company information to Mr Rajaratnam in the biggest Wall Street insider-trading trial in decades.<\/p>\n
Prosecutors have called the case the “largest hedge fund insider trading case in history”.<\/p>\n
So far more than two dozen people have been criminally or civilly charged in the case. Most of them have pleaded guilty.<\/p>\n<\/div>\n
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