A billionaire hedge fund manager has been convicted on 14 counts of fraud and conspiracy in the largest insider trading case to come out of the financial crisis. Using secretly recorded conversations and the testimony of co-conspirators, prosecutors argued Raj Rajaratnam of Galleon Management reaped profits by illegally tipping off associates. Rajaratnam could face up to 25 years in prison. Defense attorney John Dowd said he will appeal.

John Dowd: “Good afternoon. We’re going to take an appeal from this conviction. We started out with 37 stocks; we’re down to 14. So the score is, you know, 23-14 in favor of the defense. We’ll see you in the Second Circuit. Thank you.”