Today in federal court in Manhattan (SDNY), Raj Rajaratnam of Galleon Group and Danielle Chiesi of New Castle Partners pleaded not guilty to charges of insider trading. The WSJ reports that the pair were arraigned today following a federal grand jury indictment last week.
Chiesi reportedly faces up to 155 years in prison while Rajaratnam faces as many as 145 years in prison. According to the WSJ, prosecutors stated during the hearing that “discovery on the case should begin this week, with the bulk of the government’s wiretap intercepts expected to be released in the coming days.”
