Fox Business Network’s Charlie Gasparino speaks with former SEC Attorney Elizabeth Nowicki about the criminal trial of Galleon Group LLC co-founder Raj Rajaratnam for insider trading. Sources close to Raj Rajaratnam’s legal team tell Gasparino Rajaratnam “has no plans to take the stand” which Nowicki says is “expected” because to testify “would be lethal.” Nowicki also questions Rajarantnam’s choice of John Dowd as his legal defense saying that it is likely all the “white collar defense lawyers” are “already retained by Goldman Sachs (GS) and the other parties who got dragged in.” Excerpts from the report can be found below, courtesy of Fox Business Network.
Gasparino on whether Raj Rajaratnam will testify:
“Despite published reports saying he was going to testify, sources close to his legal team tell FOX Business Network Raj Rajaratnam has no plans to take the stand. That decision will be made if he loses big time, they will put him on the stand.”
Nowicki on the criminal trial of Raj Rajaratnam for insider trading:
“This is not a wasteful prosecution. This is important. This is one of the best insider trading cases ever. We know there are going to be taped conversations. Usually we are not usually lucky enough to have that in an insider trading case. We don’t know what’s on the tape. If it was a slam dunk, presumably this case would have plead out. I think it is expected he is not going to testify. It would be lethal.”
Nowicki on Rajaratnam choosing John Dowd as his lawyer:
“John Dowd is a great criminal defense lawyer but he is out of D.C. Why didn’t Raj tap one of the big Wall Street white collar defense lawyers? My guess is because they are already retained by Goldman Sachs and the other parties who got dragged in.”