NBR for May 11, 2011-Full Episode

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: A verdict today in the largest probe of insider trading at a hedge fund in U.S. history: billionaire investor Raj Rajaratnam was found guilty of all 14 counts. A jury convicted him on five counts of conspiracy to commit securities fraud and nine counts of securities fraud. The conviction, after an eight-week trial, is a huge win for the government`s efforts to punish insider trading on Wall Street. We`ll get analysis from a legal expert in just a moment, but first, Erika Miller was at the courthouse and has details on today`s verdict.

MILLER: Prosecutors did not address the media circus after the verdict, but they did release a statement, saying quote, the message today is clear -- there are rules and there are laws and they apply to everyone, no matter who you are or how much money you have. Prosecutors were able to use Rajaratnam`s own words against him by using wiretapped phone conversations, a first in a securities case. The illegal trades were in many well-known companies, including Advanced Micro Devices (NYSE: AMD), Goldman Sachs and eBay (NASDAQ: EBAY). Defense lawyers argued Rajaratnam`s decisions to buy and sell were based on careful research, not inside information. They view it as a victory that, of an initial 37 charges against him, only 14 made it to trial.

MILLER: Rajaratnam is the first of 26 people to go to trial in this insider trading probe; 21 of them have pleaded guilty. Rajaratnam will be back in court July 29 for sentencing. Until then, he will be electronically monitored to make sure he doesn`t flee the country. Under Federal sentencing guidelines, he faces between 15.5 and 19.5 years in prison. Erika Miller, NIGHTLY BUSINESS REPORT, New York.

FELDMAN: No. This was a case in which the government had extremely strong evidence. They had during the course of the actual crime recorded the tapes of multiple phone calls. Then they arrested Raj`s -- his confidant, the people who worked with him. They were able to flip those people and use all those people against Raj. So they had the tapes and they had narrators to explain what was going on. It was an overwhelming case of evidence by the government.

FELDMAN: Absolutely, the government creates disincentives for people who were thinking of crossing the line. That`s the point of this kind of case, is to do deterrence. I think the government has been successful with that. Insider trading has become a top target among Wall Street service providers. If people like me are out there, in the firms giving talks on what insider trading is about and helping the traders know what areas are gray so they don`t cross the line. So it is having an effect on people changing the way they do their business so that they don`t violate the law.

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