Rajaratnam guilty on all insider trading counts
* Fund founder convicted of conspiracy, securities fraud
* Verdict could boost prosecutors’ use of phone taps
* Rajaratnam in home detention until July 29 sentencing
* Jury delivers verdict on 12th day of deliberations
Hedge fund founder Raj Rajaratnam was found guilty on all 14 counts in a sweeping insider trading verdict on Wednesday that vindicated the government’s aggressive use of phone taps to prosecute Wall Street figures.
Rajaratnam, founder of the Galleon Group and the central figure in the broadest Wall Street insider trading probe in decades, will appeal the use of the secret recordings, tactics historically deployed in organized crime and drug trafficking cases, not white-collar probes.
One-time billionaire Rajaratnam, the richest Sri Lankan in the world, faces a potential minimum of 15-1/2 years in prison after the verdict in Manhattan federal court convicting him on all 14 counts of conspiracy and securities fraud.