Hedge fund operator pleads not guilty

December 21, 2009 9:59:48 AM PST
Wealthy hedge fund operator Raj Rajaratnam has pleaded not guilty to charges in a massive insider trading case. He entered the plea Monday to charges in an indictment returned last week.

Prosecutors say Rajaratnam played a key role in a $52 million insider trading case that has resulted in charges against 21 people.

Rajaratnam, one of America's richest billionaires, declined comment after the court appearance. He remains free on $100 million bail.

Prosecutors say they'll turn over 100 hours of intercepted phone calls between defendants in the case to attorneys for the defendants this week.

They asked for a trial in June or July, but federal judge Richard Holwell said it was too soon to set a trial date.