"I hope Rajat is a big boy": Gupta trial wiretap

Lawyers for insider-trading defendant Rajat Gupta on Tuesday played for jurors a 2008 wiretap of now-imprisoned hedge fund manager Raj Rajaratnam apparently confirming he deceived Gupta.

Billionaire hedge fund titan Steven A. Cohen, one of the most high-profile and controversial Wall Street figures of the last decade, has been implicated in what federal officials are calling “the largest insider trading case ever charged by the SEC,” according to The Wall Street Journal.

NEW YORK (Reuters) - Evidence in the insider-trading case against businessman Rajat Gupta is "overwhelming," a prosecutor told jurors at the trial's close on Wednesday, saying Gupta helped hedge fund manager Raj Rajaratnam make millions through secret stock tips. Gupta's lawyers argued the former Goldman Sachs Group Inc board member had no reason to illegally leak information to Rajaratnam and that the government's case is circumstantial. A lawyer for Gupta will deliver the defense summation later on Wednesday in the U.S. District Court trial in Manhattan. ...

NEW YORK — Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Monday pleaded not guilty to insider trading charges. The younger Rajaratnam entered his plea in Manhattan federal court, one day after his arrest at John F. Kennedy International Airport in New York. FBI agents had escorted him to the United States on a flight from Brazil. Prosecutors on Thursday accused Rengan Rajaratnam, 42, of conspiring with his brother to trade on non-public information concerning Clearwire Corp and Advanced Micro Devices Inc in 2008.

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Rajat Gupta helped hedge fund manager Raj Rajaratnam make $1 million by sharing secret information about Goldman Sachs, prosecutors say in opening statements.