May be more defendants in Galleon case - SEC lawyer

Wed, Nov 4 10:25 PM

Enlarge Photo Galleon hedge fund partner Raj Rajaratnam (L) is escorted by FBI agents after being taken... Slideshow: World in pictures: November 04

There is "a real possibility" of additional defendants in the insider trading case against the Galleon hedge fund, its founder Raj Rajaratnam and others, a lawyer for the U.S. Securities and Exchange Commission said on Wednesday.

The lawyer, Valerie Ann Szczepanik, made the comments during a hearing at Manhattan federal court.

U.S. Judge Jed Rakoff turned down a joint proposal by the SEC and defense lawyers to put the civil case on hold for 90 days to obtain and review electronic surveillance material and set a new trial date of Aug. 2.

(Reporting by Grant McCool, Writing by Caroline Humer, Editing by Gerald E. McCormick)

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