Galleon's Rajaratnam Charged in Fraud Case

Raj Rajaratnam was charged with five counts of conspiracy and six counts of securities fraud today, the first criminal charges related to allegations of insider trading at his Galleon group hedge fund. Danielle Chiesi, who prosecutors say was one of Rajaratnam's illicit collaborators, was hit with three counts of conspiracy and seven counts of securities fraud, reports the Wall Street Journal.

Both defendants already face numerous charges of securities and wire fraud as part of an SEC complaint. The indictment today is the final step before the Justice Department moves the case forward in court, the New York Times notes. Rajaratnam is currently free on $100 million bail, and he's putting together a top-flight legal team.