Jury to be selected in NY insider trading trial

[March 08, 2011]  NEW YORK (AP) -- Jury selection is slated to begin in the trial of a once-powerful hedge fund boss accused of making more than $50 million by trading secret information in the stock market.

Raj Rajaratnam (rah-juh-RUHT'-nuhm) of New York City will be introduced Tuesday to some of the prospective jurors in the pool available to hear the case.

The one-time billionaire sat atop the hedge fund world until he was arrested on federal charges. He has pleaded not guilty.

The jury is expected to hear dozens of secretly taped conversations between the founder of the Galleon Group and partners in the hedge fund industry.

Rajaratnam has remained free on $100 million bail since his October 2009 arrest.

Authorities brought charges against two dozen others in the probe. Nineteen have pleaded guilty.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.