Former hedge fund heavyweight Raj Rajaratnam will do a dime and change in federal prison for his insider trading conviction.

This week, billionaire hedge fund owner Raj Rajaratnam was convicted of insider trading. He faces nearly 20 years in prison. Now, attention turns to Rajaratnam's decision to use his limitless financial resources to hire a pricey counterfeit Johnnie Cochran-esque lawyer.

Hedge fund owner Raj Rajaratnam was convicted this morning on 14 counts of insider trading, on account of the hours and hours of secretly recorded phone conversations federal prosecutors had of him saying stuff like, "Hey, let's do some insider trading!"

• Time to sell off assets to pay the lawyers! Raj Rajaratnam, the scandal-plagued hedge fund billionaire who was arrested for fraud last October and has since been charged with masterminding the largest insider-trading racket in decades, has sold one of the apartments he owns at 60 Sutton Place South. The 8th-floor…

Anil Kumar, the former McKinsey & Co. director accused of feeding info to hedge fund founder and alleged crook Raj Rajaratnam, has pleaded guilty to securities fraud and conspiracy and agreed to cooperate with prosecutors. [NYT]

Raj Rajaratnam, the hedge fund billionaire (and dwarf enthusiast) accused of insider trading, has even more legal trouble on his hands today. Prosecutors say they plan to tack on another bunch of charges to their original indictment, a move that could increase Rajaratnam's prison sentence to 15 years (or more) if he's…

Raj Rajaratnam, the hedge fund billionaire who stands accused of masterminding a massive insider trading ring, was incredibly competitive and a ruthless boss. Of course you sort of have to be if you're planning to claw your way up to the top of the hedge fund pyramid. But it turns out he was a pretty wacky boss,…

Ever since Raj Rajaratnam was arrested in October for allegedly operating a vast insider trading ring, lawyers for the hedge fund founder have been busy pointing out flaws in the government's case. Now they'll get to see how it plays with a jury. A federal grand jury formally charged Rajaratnam with five counts of…

Another 14 people have been implicated in the growing investigation into insider trading by hedge funds. A number of the people indicted today have ties to Raj Rajaratnam, the founder of Galleon Group who was arrested a couple of weeks ago; all of them, it's safe to say, just had their days ruined. [WSJ]

Hedge fund mogul Raj Rajaratnam managed to post $100 million in bail, but his lawyer asked a judge today to reduce it to $25 million as well as given Rajaratnam permission to "travel freely in the contiguous 48 states." How else is he going to enjoy his country house in Connecticut and condo in Florida while he's…

Galleon Group, the hedge fund founded by Raj Rajaratnam, the man at the center of the insider trading scandal that has rocked Wall Street in recent days, is shutting its doors. (Apparently, investors get a bit nervous when they see the CEO of the hedge fund they've invested in get hauled away in handcuffs and…

The biggest insider trading scandal to hit Wall Street in years may be about to get even bigger. Bloomberg reports that as many as 10 more people could be charged in connection with the case as early as next week.

Billionaire businessman Raj Rajaratnam is out on bail, so he stopped by Galleon Group, the hedge fund he founded in 1997, to give a pep talk to the staff. Things aren't going so well over there!

Bernie Madoff is the financial criminal of the past. Billionaire hedge fund chief Raj Rajaratnam is the financial criminal of the moment! Slick back your hair, watch Wall Street, and forget Ponzi schemes—insider trading is back, big time!

Billionaire hedge funder Raj Rajaratnam was arrested on Friday morning on charges he participated in one of the biggest insider trading schemes in recent memory, one that netted him at least $25 million (but possibly millions more since the investigation continues.) Fortunately for Rajaratnam, the high-profile bust…

Raj Rajaratnam, the founder of the $7 billion hedge fund Galleon Group, the 551st richest man in the world according to Forbes, and America's one and only Sri Lankan billionaire, has been arrested and charged for taking part in a $20 million insider-trading scheme. [NYT, WSJ]

Tory Burch turns 43 today. Former governor Mario Cuomo is turning 77. Helen Hunt is 46. Neil Patrick Harris is turning 36. Courteney Cox is 45. Fashion designer Douglas Hannant is turning 47. PR agency chief Richard Edelman turns 55. Socialite Bettina Zilkha is turning 50. Gallerist Marian Goodman is 81. Former Yankee…