A US court has denied a bid by billionaire hedge fund founder Raj Rajaratnam, convicted in May this year on insider trading charges, to reverse the verdict handed by the jury in his case.
Blankfein will at the upcoming trial of Galleon hedge fund founder Raj Rajaratnam.
Sri Lanka-born billionaire Raj Rajaratnam's defence team on Wednesday told a US jury that his trading in Goldman Sachs was not based on insider information, but a great deal of research and discussion on the investment bank, especially during the financial crisis.
The US federal prosecutors have come up with fresh charges against Sri Lanka-born billionaire Raj Rajaratnam based on new information they received from co-defendants who pleaded guilty in what has been described as the largest insider trading scam in the United States' history.
Jailed hedge-fund founder Raj Rajaratnam has agreed to pay $1.45 million to settle a civil lawsuit filed by US regulator SEC against him and India-born former Goldman Sachs director Rajat Gupta for their roles in one of the largest insider-trading schemes in US history.
If convicted all of them face imprisonment of up to 20 years, according to the indictment, which reads that the defendants "routinely received inside information directly or indirectly from insiders and provided it to each other for the purpose of trading based on the information", filed in the US court.
He will now have to submit to the two-year jail term handed down to him.
Gupta lost his final bid to avoid reporting to jail after the US Supreme Court last week denied his application to remain free on bail while his insider trading case is reheard.
