Tech stock insider trading jury ordered to restart deliberations

The jury in the insider trading case against Raj Rajaratnam, founder of the Galleon hedge fund, have been forced to restart their deliberations after one juror was excused for medical reasons.

Rajaratnam is accused of heading an insider trading scam involving a number of leading technology companies, including IBM, AMD, Intel and 3Com.

Over 20 people have so far pleaded guilty to being involved in the alleged insider dealing operation, but Rajaratnam denies all the charges and claims his firm's trades were all based on public information and honest research.

Before the jury were ordered to restart their deliberations, they had already been out for six days. Evidence, which includes recorded phone conversations between Rajaratnam and others allegedly involved in insider dealing, will now have to considered again by the jury, which now includes one replacement.

Rajaratnam underwent emergency surgery for a bacterial infection in his foot last weekend.

But a long jail sentence may be of more concern for Rajaratnam if he is convicted. Prosecutors have charged him with making more than $63 million in profits and averted losses, as a result of trading after receiving tips about corporate secrets before they were announced to the market.

Some of the insider dealing information allegedly received by Rajaratnam includes layoffs at eBay and a business transaction involving AMD.

Copyright © 2011 IDG Communications, Inc.

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