Taped Phone Chats Played at Hedge Fund Boss Trial

Prosecutors have said probe of defendant and others marked biggest hedge fund insider trading case in history.

By LARRY NEUMEISTER and Tom Hays
|  Thursday, Mar 10, 2011  |  Updated 1:30 PM EDT
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NEW YORK, NY - MARCH 08: Billionaire Galleon Group hedge fund cofounder Raj Rajaratnam departs Manhattan Federal Court at the end of the first day of his trial on insider trading charges March 8, 2011 in New York City. Prosecutors allege that Rajaratnam pocketed $45m by illegally trading on insider stock tips. (Photo by Mario Tama/Getty Images) *** Local Caption *** Raj Rajaratnam

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Prosecutors have played taped phone conversations at the start of the evidence phase of the insider trading trial of a one-time billionaire hedge fund boss.

Conversations between Raj Rajaratnam and his alleged co-conspirators were played for a jury Thursday, one day after opening statements in the trial in federal court in Manhattan.

Prosecutors have said the probe of Rajaratnam and others was the biggest hedge fund insider trading case in history. Rajaratnam had pleaded not guilty to conspiracy and security fraud charges.

In all, more than two dozen people have been charged. Nineteen have pleaded guilty.

Rajaratnam is the only person to stand trial so far. He remains free on $100 million bail.

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