CrimProf Blog

Editor: Kevin Cole
Univ. of San Diego School of Law

Wednesday, July 9, 2014

"Jury Acquits Rengan Rajaratnam in Insider-Trading Case"

From the Wall Street Journal:

Thomas Lee Hazen, a professor at the University of North Carolina School of Law who has followed the case, said the decision by Judge Naomi Reice Buchwald to throw out two securities counts last week was a turning point in the trial, reflecting her broad skepticism about the case.

But he said that was unlikely to change prosecutors' approach to insider-trading cases. "One loss does not make a disaster or necessarily signal a change in the prosecutions' approach, in what cases to bring and what cases not to bring," he said.

. . .

Last week, Judge Buchwald threw out the remaining two securities-fraud counts against Rengan, saying prosecutors hadn't presented evidence proving he was aware the tip was exchanged for a benefit, an issue also raised in the pending appeals case. She also said that some of prosecutors' arguments were "singularly unpersuasive." Jurors were only allowed to consider the remaining conspiracy charge.

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