(According to the Wall Street Journal, Rajaratnam “is estimated to have paid as much as $40 million for his defense… about two-thirds of the amount prosecutors said [his Galleon Group hedge fund] made from the insider trading addressed in the charges.”)
Raj Rajaratnam, the billionaire leader of the Galleon Group, has been found guilty.
The jury returned a verdict of guilty on all 14 counts Rajaratnam was facing — nine counts of insider trading and five of conspiracy. Rajaratnam could get a sentence of up to 19 and a half years under the federal sentencing guidelines, according to prosecutors.
Check out our sister site Dealbreaker for continuing coverage.
After seven days of deliberations, one juror in the insider trading trial of Raj Rajaratnam has been dismissed, for unspecified medical reasons. An alternate has been seated, but this means the jury has to begin its deliberations anew. The original jurors must be thrilled.
Let’s hope that the dismissed juror was a holdout (either way). The suspense is killing us!
Readers: Any predictions on how this will turn out? Will celebrated criminal defense lawyer John Dowd — who successfully represented the fabulous Monica Goodling, among others — pull this off? Or will the prosecutors of the legendary S.D.N.Y. get their man?
Did Raj Rajaratnam Rub His Athlete’s Foot All Over A Just Dismissed Juror? [Dealbreaker]
Rajaratnam Trial, Take 2 [WSJ Law Blog]
- Asians, Fashion, Federal Judges, Feldsuk, Gay, Judicial Nominations, Law Professors, Law School Deans, Law Schools, Noah Feldman, Non-Sequiturs, S.D.N.Y.
* The Southern District of New York: gay bench, or the gayest bench? Like fellow S.D.N.Y. nominee Paul Oetken, Alison Nathan is an openly gay lawyer who clerked for SCOTUS and served as an associate White House counsel. [Poliglot / Metro Weekly; Main Justice]
* Speaking of the Harvard-bound hottie, if you’re waiting for her to fail at anything, don’t hold your breath. [Disgrasian]
* Dolce & Gabbana say “Ciao!” to Italian tax evasion charges. [Fashionista]
* A cute April Fool’s joke from UT Law: check out the offerings in Dean Larry Sager’s Law Bodega. [Etsy]
* Elsewhere in April Fool’s news, “Dear SCOTUS FOIA Officer”…. [Law Librarian Blog]
* This is not a prank: a full ride to NYU Law. [Vault]
* These lawyerly lovebirds met as 1Ls at Georgetown Law and would love the support of ATL readers in Crate & Barrel’s “ultimate wedding” contest. [Ultimate Wedding Contest / Crate & Barrel]
- 9th Circuit, Gay, Gay Marriage, Law Schools, Musical Chairs, Non-Sequiturs, S.D.N.Y., U.S. Attorneys Offices
* Were you skeptical of all the law schools reporting to U.S. News that the median private-sector starting salary for their graduates is $160,000? Forbes explains why your skepticism is warranted. [Forbes via Constitutional Daily]
* On a related note, if you want to be a millionaire, you should definitely go to college. Law school? Not so much. [CNNMoney.com]
* Ninth Circuit to LGBT community: no gay marriage for you — yet. Request to vacate stay DENIED. [Poliglot / Metro Weekly]
* Former Qwest CEO Joseph Nacchio is suing his former defense lawyers, claiming that he was improperly charged for expenses like attorney underwear. If I had a client like Nacchio, I’d need new boxers too. [Bloomberg]
* Georgetown Law’s outgoing SBA president, William Broderick-Villa, is worried about GULC’s U.S. News ranking: “I do not like sharing the #14 spot with Texas one bit…. I’ve heard students tell me for awhile they fear that Texas will overtake us. And Texas is hungry.” [Georgetown Law Weekly (Google Cache)]
* An update on the partner who, when called out for blowing a deadline, threw his secretary and former associate under the bus (previously discussed here). SFL asks: “What happened to old-fashioned groveling?” [South Florida Lawyers]
* Congrats to my friend and law school classmate, Dan Stein, who has left the S.D.N.Y. U.S. Attorney’s Office (where he headed the public corruption unit) and joined Richards Kibbe & Orbe. [Richards Kibbe & Orbe]
- Akin Gump, Blogging, Google / Search Engines, Insider Trading, John Dowd, Kenneth Starr, Non-Sequiturs, Privacy, S.D.N.Y., Technology, Trials, White-Collar Crime, Yolanda Young
* Superstar criminal defense lawyer John Dowd, the Akin Gump partner who successfully got Monica Goodling (among many other clients) out of legal trouble, offered a rousing defense of Raj Rajaratnam today. [Dealbreaker]
* Ex-Winston & Strawn partner Jonathan Bristol, former counsel to money manager / fraudster Kenneth Starr, has reached a plea agreement with S.D.N.Y. prosecutors. [New York Law Journal via Summary Judgments]
* Elsewhere in Ken Starr news, it seems that some celebs are getting hit with IRS tax liens as a result of their ties to him. [TaxProf Blog]
* Congratulations to a 3L at Harvard Law School, Nneka Ukpai, who trounced the prosecution at trial and won an acquittal for her client. [Yolanda Young / On Being a Black Lawyer]
* Congratulations to a 3L at NYU Law and future S.D.N.Y. law clerk, Eli Northrup, who belongs to a hip-hop band called Pants Velour — which has, in the words of our tipster, “captured the magic of Charlie Sheen as only music can.” [YouTube]
- Death Penalty, Deaths, Morning Docket, S.D.N.Y., Securities and Exchange Commission, Securities Law, U.S. Attorneys Offices
* The S.E.C. is being attacked again about its ethical standards. It’s not like these problems started with Cam Newton. I mean, the S.E… what’s that? The Securities and Exchange Commission? What? No, I don’t even know what that is. What does that have to do with football? [New York Times]
* Horrifying syphilis experiments keep coming back to haunt the United States government. That’s so syphilis. [Charlotte Observer]
* A judge helped cut an attorney out of his father’s will and claimed he was still able to act impartially on a case the attorney was handling. That sh*t-eating grin on the judge’s face every time the attorney spoke? Oh, that was just a joke he remembered. [WSJ Law Blog]
* Breast implants linked to cancer, looking awesome. [Associated Press]
* A Russian man is accused of posing as an immigration lawyer and stealing hundreds of thousands of dollars from fellow countrymen. Police say they knew he was lying when he began doing bizarre, and ridiculously obvious, things with Oreos. [Sun-Sentinel]
* You know how I know President Obama’s latest nominee to the S.D.N.Y, J. Paul Oetken, is gay? Because this article says so. Bonus: Lat quotes! [Poliglot / Metro Weekly]
* “Top Chef host Padma Lakshmi is treating her baby’s dad like a bottom feeder.” [New York Post]
* Colorado Secretary of State Scott Gessler, who wants to moonlight as an attorney, isn’t saying state salaries are too low. He’s just saying. [Bloomberg]
During his seven years working at the luxury fashion house, Moss did not have an active law license: he was a graduate of Fordham Law and a member of the California bar, but with “inactive” status. As a result, during the discovery process in some trademark litigation, opposing counsel from Guess? challenged Gucci’s assertion of attorney-client privilege over communications to and from Moss. The reasoning: because Moss wasn’t entitled to practice law in any jurisdiction, due to his inactive status with the California bar, the attorney-client privilege did not extend to communications with him.
A federal magistrate judge sided with Guess, concluding that Gucci’s communications with Moss weren’t privileged — and subject to disclosure. Yikes. After conducting an investigation that confirmed Moss’s inactive bar status, Gucci fired him in March 2010.