Marc D. Powers, national head of Baker Hostetler’s Securities Litigation and Regulatory Enforcement practice, was quoted in The Wall Street Journal article titled “Loss Raises Questions Over Defense Strategy,” on May 12, 2011.
Galleon hedge fund founder Raj Rajaratnam was convicted on all 14 counts of securities fraud and conspiracy in one of the biggest insider-trading trials. He is estimated to have paid as much as $40 million for his defense, which expects to appeal the verdict.
By comparison, Conrad Black, the newspaper magnate, has spent about $30 million battling fraud charges at trial, in appeals that have overturned some of his convictions, and in related civil suits, according to Powers, which represented Black in federal civil litigation.
“It’s an expensive thing to get in the cross hairs of the government,” said Powers.