New York:
Galleon hedge fund founder Raj Rajaratnam pleaded not guilty to charges of being a major player at the center of a $20 million insider-trading scam. In New York, it was Rajaratnam's first court appearance since he was indicted in the sensational case.
The only words he spoke in court today were "not guilty".
Galleon Group LLC founder, Raj Rajaratnam said he was innocent of charges in what US prosecutors describe as the biggest hedge fund insider trading case ever.
Rajaratnam and his co accused are charged with making over $20 million in illegal profits in an insider trading case that involves employees of some of America's best known companies, including IBM, McKinsey and Intel Capital.
This is reportedly the first time that US authorities extensively used wiretaps in a hedge fund insider trading case.
The 52-year-old is to face trial in a criminal case and a related civil lawsuit by the US Securities and Exchange Commission.
Until October, when he was handcuffed and arrested on charges of insider trading, Sri Lankan born Rajaratnam was considered a South Asian immigrant success story. Now, one of America's richest billionaires could face trial in the summer in a case that prosecutors have described the case as a "wake up call for Wall Street."
Rajaratnam has asked that his $100 million bail be reduced to $25 million. A judge will hear arguments on January 8, 2010.