Indicted

NEW YORK, December 15, 2009 (AFP) – The founder of Galleon hedge fund, Raj Rajaratnam, was indicted Tuesday in a multi-million-dollar Wall Street insider-trading probe. Billionaire Rajaratnam and co-defendant Danielle Chiesi were indicted by a federal grand jury in New York on charges of using non-public information from company executives to earn about 20 million dollars in illegal profits.

The alleged insider-trading ring operated “from at least in or about 2003 up to and including in or about March, 2009,” the 17 count conspiracy and fraud indictment says.

Sri Lankan-born billionaire Rajaratnam, who is free on 100 million dollars bail, says he is innocent and must make a formal plea in the coming days, clearing the way for a trial.

Rajaratnam ordered Galleon wound down after he and five others were arrested in October in what prosecutors said was “the largest hedge fund insider trading case in history.”

Another 14 people were arrested in November in the probe, which was aided by the use of wiretaps.

The accused “repeatedly traded on material, nonpublic information pertaining to upcoming earnings forecasts, mergers, acquisitions, or other busi